0001628280-25-006776 | 10-K | XBRL Viewer

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Regulatory Capital - U.S. Basel III Regulatory Requirements (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Actual Amount
Common Equity Tier 1 Capital (to Risk-Weighted Assets)	$ 2,957,067	$ 3,019,973
Tier 1 Capital (to Risk-Weighted Assets)	2,957,067	3,019,973
Total Capital (to Risk-Weighted Assets)	3,294,663	3,334,140
Tier 1 Capital (to Average Assets)	$ 2,957,067	$ 3,019,973
Actual Ratio
Common Equity Tier 1 Capital (to Risk-Weighted Assets)	11.30%	12.30%
Tier 1 Capital (to Risk-Weighted Assets)	0.113	0.123
Total Capital (to Risk-Weighted Assets)	0.126	0.136
Tier 1 Capital (to Average Assets)	0.097	0.102
Well Capitalized Regulatory Requirements, Amount
Common Equity Tier 1 Capital (to Risk-Weighted Assets)	$ 1,827,318	$ 1,719,621
Tier 1 Capital (to Risk-Weighted Assets)	2,218,886	2,088,111
Total Capital (to Risk-Weighted Assets)	2,740,976	2,579,432
Tier 1 Capital (to Average Assets)	$ 1,213,505	$ 1,184,213
Well Capitalized Regulatory Requirements, Ratio
Common Equity Tier 1 Capital (to Risk-Weighted Assets)	7.00%	7.00%
Tier 1 Capital (to Risk-Weighted Assets)	0.085	0.085
Total Capital (to Risk-Weighted Assets)	0.105	0.105
Tier 1 Capital (to Average Assets)	0.040	0.040

Loans Held for Investment - Student Loan Portfolio by Program (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses	$ (1,435,920)	$ (1,339,772)	$ (1,357,075)	$ (1,165,335)
Loans held for investment, net	20,902,158	20,306,357
Private Education Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan type	22,235,008	21,025,844
Deferred origination costs and unamortized premium/ (discount)	103,070	81,554
Allowance for loan losses	(1,435,920)	(1,335,105)
Loans held for investment, net	20,902,158	19,772,293
Private Education Loans \| Fixed-rate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan type	17,093,382	13,985,791
Private Education Loans \| Variable-rate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan type	5,141,626	7,040,053
FFELP Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan type	0	537,401
Deferred origination costs and unamortized premium/ (discount)	0	1,330
Allowance for loan losses	0	(4,667)
Loans held for investment, net	$ 0	$ 534,064

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Schedule of Common Share Repurchases

The following table summarizes our common share repurchases and issuances associated with these programs.


Years Ended December 31, (shares and per share amounts in actuals)	2024		2023		2022
Common stock repurchased under repurchase programs(1)	11,586,103		22,341,595		40,253,548
Average purchase price per share(2)	$	21.59	$	15.64	$	17.58
Shares repurchased related to employee stock-based compensation plans(3)	749,866		1,099,241		1,135,509
Average purchase price per share	$	20.19	$	15.46	$	18.36
Common shares issued(4)	2,374,379		3,109,276		3,107,768

(1) Common shares purchased under our share repurchase programs. There was $402 million of capacity remaining under the 2024 Share Repurchase Program at December 31, 2024.

(2) Average purchase price per share includes purchase commission costs and excise taxes.

(3) Comprised of shares withheld from stock option exercises and the vesting of restricted stock, restricted stock units, performance stock units, and dividend equivalent units for employees’ tax withholding obligations and shares tendered by employees to satisfy option exercise costs.

(4) Common shares issued under our various compensation and benefit plans.

Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Impact of Derivatives on the Consolidated Balance Sheet

The following tables summarize the fair values and notional amounts of all derivative instruments at December 31, 2024 and 2023, and their impact on earnings and other comprehensive income for the years ended December 31, 2024, 2023, and 2022.

Impact of Derivatives on the Consolidated Balance Sheets


		Cash Flow Hedges				Fair Value Hedges				Trading				Total
As of December 31, (dollars in thousands)		2024		2023		2024		2023		2024		2023		2024		2023
Fair Values(1)	Hedged Risk Exposure

Derivative Assets:(2)
Interest rate swaps	Interest rate	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Derivative Liabilities:(2)
Interest rate swaps	Interest rate	(19)		(339)		(21)		(31)		—		—		(40)		(370)
Total net derivatives		$	(19)	$	(339)	$	(21)	$	(31)	$	—	$	—	$	(40)	$	(370)

(1)Fair values reported include variation margin as legal settlement of the derivative contract. Assets and liabilities are presented without consideration of master netting agreements. Derivatives are carried on the balance sheet based on net position by counterparty under master netting agreements and classified in other assets or other liabilities depending on whether in a net positive or negative position.

(2)The following table reconciles gross positions with the impact of master netting agreements to the balance sheet classification:


As of December 31, (dollars in thousands)	Other Assets				Other Liabilities
	2024		2023		2024		2023
Gross position(1)	$	—	$	—	$	(40)	$	(370)
Impact of master netting agreement	—		—		—		—
Derivative values with impact of master netting agreements (as carried on balance sheet)	—		—		(40)		(370)
Cash collateral pledged(2)	4,879		9,228		—		—
Net position	$	4,879	$	9,228	$	(40)	$	(370)

__________

(1) Gross position amounts include accrued interest and variation margin as legal settlement of the derivative contract.

(2) Cash collateral pledged excludes amounts that represent legal settlement of the derivative contracts.

Schedule of Offsetting Assets

The following table reconciles gross positions with the impact of master netting agreements to the balance sheet classification:


As of December 31, (dollars in thousands)	Other Assets				Other Liabilities
	2024		2023		2024		2023
Gross position(1)	$	—	$	—	$	(40)	$	(370)
Impact of master netting agreement	—		—		—		—
Derivative values with impact of master netting agreements (as carried on balance sheet)	—		—		(40)		(370)
Cash collateral pledged(2)	4,879		9,228		—		—
Net position	$	4,879	$	9,228	$	(40)	$	(370)

__________

(1) Gross position amounts include accrued interest and variation margin as legal settlement of the derivative contract.

(2) Cash collateral pledged excludes amounts that represent legal settlement of the derivative contracts.

Schedule of Offsetting Liabilities

The following table reconciles gross positions with the impact of master netting agreements to the balance sheet classification:


As of December 31, (dollars in thousands)	Other Assets				Other Liabilities
	2024		2023		2024		2023
Gross position(1)	$	—	$	—	$	(40)	$	(370)
Impact of master netting agreement	—		—		—		—
Derivative values with impact of master netting agreements (as carried on balance sheet)	—		—		(40)		(370)
Cash collateral pledged(2)	4,879		9,228		—		—
Net position	$	4,879	$	9,228	$	(40)	$	(370)

__________

(1) Gross position amounts include accrued interest and variation margin as legal settlement of the derivative contract.

(2) Cash collateral pledged excludes amounts that represent legal settlement of the derivative contracts.

Schedule of Notional Amounts of Outstanding Derivative Positions


Notional Values
	Cash Flow				Fair Value				Trading				Total
As of December 31, (dollars in thousands)	2024		2023		2024		2023		2024		2023		2024		2023


Interest rate swaps	$	639,097	$	1,203,783	$	281,520	$	702,309	$	—	$	—	$	920,617	$	1,906,092

Net total notional	$	639,097	$	1,203,783	$	281,520	$	702,309	$	—	$	—	$	920,617	$	1,906,092

Schedule of Cumulative Basis Adjustments for Fair Value Hedges

As of December 31, 2024 and 2023, the following amounts were recorded on the consolidated balance sheet related to cumulative basis adjustments for fair value hedges:


As of December 31, (dollars in thousands) Line Item in the Balance Sheet in Which the Hedged Item is Included:	Carrying Amount of the Hedged Assets/(Liabilities)				Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities)
	2024		2023		2024		2023

Deposits	$	(279,908)	$	(689,137)	$	1,420	$	12,910

Schedule of Impact of Derivatives on the Consolidated Statements of Income

Impact of Derivatives on the Consolidated Statements of Income


Years Ended December 31, (dollars in thousands)	2024		2023		2022

Fair Value Hedges
Interest rate swaps:
Interest recognized on derivatives	$	(15,278)	$	(26,054)	$	16,308
Hedged items recorded in interest expense	(11,490)		(18,350)		82,043
Derivatives recorded in interest expense	11,554		18,487		(82,063)
Total	$	(15,214)	$	(25,917)	$	16,288

Cash Flow Hedges
Interest rate swaps:
Amount of gain (loss) reclassified from accumulated other comprehensive income into interest expense	$	41,221	$	47,810	$	3,658
Total	$	41,221	$	47,810	$	3,658

Trading
Interest rate swaps:
Change in fair value of future interest payments recorded in earnings	$	—	$	—	$	(248)
Total	—		—		(248)
Total	$	26,007	$	21,893	$	19,698

Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)

Impact of Derivatives on the Statements of Changes in Stockholders’ Equity


Years Ended December 31, (dollars in thousands)	2024		2023		2022
Amount of gain (loss) recognized in other comprehensive income (loss)	$	10,827	$	13,353	$	97,389
Less: Amount of gain (loss) reclassified in interest expense	41,221		47,810		3,658
Total change in other comprehensive income (loss) for unrealized gains (losses) on derivatives, before income tax (expense) benefit	$	(30,394)	$	(34,457)	$	93,731

Cash and Cash Equivalents	12 Months Ended
Cash and Cash Equivalents	Dec. 31, 2024
Cash and Cash Equivalents [Abstract]
Cash and Cash Equivalents	Cash and Cash Equivalents As of December 31, 2024, cash and cash equivalents include cash due from the FRB of $4.6 billion and cash due from depository institutions of $57 million. As of December 31, 2023, cash and cash equivalents include cash due from the FRB of $4.1 billion and cash due from depository institutions of $41 million. As of December 31, 2024 and 2023, we had no outstanding cash equivalents. The FRB Term Deposit Facility program is used to facilitate the conduct of monetary policy by providing a tool that may be used to manage the aggregate quantity of reserve balances held by depository institutions. Under this program, the FRB accepts deposits for a stated maturity at a rate of interest determined via auction. The funds are removed from the accounts of participating institutions for the life of the term deposit. We did not participate in these auctions in 2024 or 2023, resulting in no interest reported. As of December 31, 2024 and 2023, no funds were on deposit with the FRB under this program.

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 4,700,366	$ 4,149,838
Investments:
Trading investments at fair value (cost of $41,715 and $43,412, respectively)	53,262	54,481
Available-for-sale investments	1,933,226	2,411,622
Other investments	112,377	91,567
Total investments	2,098,865	2,557,670
Loans held for investment (net of allowance for losses of $1,435,920 and $1,339,772, respectively)	20,902,158	20,306,357
Restricted cash	173,894	149,669
Other interest-earning assets	4,880	9,229
Accrued interest receivable	1,546,590	1,379,904
Premises and equipment, net	119,354	129,501
Goodwill and acquired intangible assets, net	63,532	68,711
Income taxes receivable, net	425,625	366,247
Other assets	36,846	52,342
Total assets	30,072,110	29,169,468
Liabilities
Deposits	21,068,568	21,653,188
Long-term borrowings	6,440,345	5,227,512
Other liabilities	403,277	407,971
Total liabilities	27,912,190	27,288,671
Commitments and contingencies
Equity
Series B: 2.5 million and 2.5 million shares issued, respectively, at stated value of $100 per share	251,070	251,070
Common stock, par value $0.20 per share, 1.125 billion shares authorized: 440.6 million and 438.2 million shares issued, respectively	88,121	87,647
Additional paid-in capital	1,193,753	1,148,689
Accumulated other comprehensive loss (net of tax benefit of $(21,209) and $(24,176), respectively)	(65,861)	(75,104)
Retained earnings	4,114,446	3,624,859
Total SLM Corporation stockholders’ equity before treasury stock	5,581,529	5,037,161
Less: Common stock held in treasury at cost: 230.2 million and 217.9 million shares, respectively	(3,421,609)	(3,156,364)
Total equity	2,159,920	1,880,797
Total liabilities and equity	$ 30,072,110	$ 29,169,468

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Series B Preferred Stock	Preferred Stock	Common Stock	Treasury Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Retained Earnings Series B Preferred Stock
Beginning balance, shares issued (in shares) at Dec. 31, 2021			2,510,696	432,013,372
Beginning balance (in shares) at Dec. 31, 2021					(153,056,639)
Beginning balance (in shares) at Dec. 31, 2021				278,956,733
Beginning balance at Dec. 31, 2021	$ 2,149,711		$ 251,070	$ 86,403	$ (2,061,383)	$ 1,074,384	$ (17,897)	$ 2,817,134
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	469,014							469,014
Other comprehensive income (loss), net of tax	(75,973)						(75,973)
Total comprehensive income	393,041
Cash dividends declared:
Common stock	$ (112,961)							(112,961)
Preferred stock		$ (9,029)							$ (9,029)
Issuance of common shares (in shares)	3,107,768			3,107,768
Issuance of common shares	$ 433			$ 622		618		(807)
Stock-based compensation expense	$ 34,359					34,070		289
Common stock repurchased (in shares)	(40,253,548)			(40,253,548)	(40,253,548)
Common stock repurchased	$ (707,742)				$ (707,742)
Shares repurchased related to employee stock-based compensation plans (in shares)	(1,135,509)			(1,135,509)	(1,135,509)
Shares repurchased related to employee stock-based compensation plans	$ (20,842)				$ (20,842)
Ending balance, shares issued (in shares) at Dec. 31, 2022			2,510,696	435,121,140
Ending balance (in shares) at Dec. 31, 2022					(194,445,696)
Ending balance (in shares) at Dec. 31, 2022				240,675,444
Ending balance at Dec. 31, 2022	1,726,970		$ 251,070	$ 87,025	$ (2,789,967)	1,109,072	(93,870)	3,163,640
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	581,391							581,391
Other comprehensive income (loss), net of tax	18,766						18,766
Total comprehensive income	600,157
Cash dividends declared:
Common stock	$ (101,233)							(101,233)
Preferred stock		(17,705)							(17,705)
Issuance of common shares (in shares)	3,109,276			3,109,276
Issuance of common shares	$ 2,625			$ 622		3,237		(1,234)
Stock-based compensation expense	$ 36,380					36,380
Common stock repurchased (in shares)	(22,341,595)			(22,341,595)	(22,341,595)
Common stock repurchased	$ (349,397)				$ (349,397)
Shares repurchased related to employee stock-based compensation plans (in shares)	(1,099,241)			(1,099,241)	(1,099,241)
Shares repurchased related to employee stock-based compensation plans	$ (17,000)				$ (17,000)
Ending balance, shares issued (in shares) at Dec. 31, 2023			2,510,696	438,230,416
Ending balance (in shares) at Dec. 31, 2023	(217,900,000)				(217,886,532)
Ending balance (in shares) at Dec. 31, 2023				220,343,884
Ending balance at Dec. 31, 2023	$ 1,880,797		$ 251,070	$ 87,647	$ (3,156,364)	1,148,689	(75,104)	3,624,859
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	608,325							608,325
Other comprehensive income (loss), net of tax	9,243						9,243
Total comprehensive income	617,568
Cash dividends declared:
Common stock	$ (99,172)							(99,172)
Preferred stock		$ (18,296)							$ (18,296)
Issuance of common shares (in shares)	2,374,379			2,374,379
Issuance of common shares	$ 4,272			$ 474		5,068		(1,270)
Stock-based compensation expense	$ 39,996					39,996		0
Common stock repurchased (in shares)	(11,586,103)			(11,586,103)	(11,586,103)
Common stock repurchased	$ (250,108)				$ (250,108)
Shares repurchased related to employee stock-based compensation plans (in shares)	(749,866)			(749,866)	(749,866)
Shares repurchased related to employee stock-based compensation plans	$ (15,137)				$ (15,137)
Ending balance, shares issued (in shares) at Dec. 31, 2024			2,510,696	440,604,795
Ending balance (in shares) at Dec. 31, 2024	(230,200,000)				(230,222,501)
Ending balance (in shares) at Dec. 31, 2024				210,382,294
Ending balance at Dec. 31, 2024	$ 2,159,920		$ 251,070	$ 88,121	$ (3,421,609)	$ 1,193,753	$ (65,861)	$ 4,114,446

Parent Only Statements

12 Months Ended

Dec. 31, 2024

Condensed Financial Information Disclosure [Abstract]

Parent Only Statements

The following parent company-only financial information should be read in conjunction with the other notes to the consolidated financial statements. The accounting policies for the parent company-only financial statements are the same as those used in the presentation of the consolidated financial statements, except that the parent company-only financial statements account for the parent company’s investments in its subsidiaries under the equity method.


Parent Only Condensed Balance Sheets
At December 31, (dollars in thousands, except share and per share amounts)	2024		2023
Assets
Cash and cash equivalents	$	391,481	$	237,857
Total investments in subsidiaries (primarily Sallie Mae Bank)	2,773,211		2,628,838


Due from subsidiaries, net	43,556		63,679
Other assets	2,165		2,270
Total assets	$	3,210,413	$	2,932,644

Liabilities and Equity
Liabilities

Long-term borrowings	$	995,420	$	992,200
Income taxes payable, net	22,440		26,701

Other liabilities	32,633		32,946
Total liabilities	1,050,493		1,051,847

Equity
Preferred stock, par value $0.20 per share, 20 million shares authorized:
Series B: 2.5 million and 2.5 million shares issued, respectively, at stated value of $100 per share	251,070		251,070
Common stock, par value $0.20 per share, 1.125 billion shares authorized: 440.6 million and 438.2 million shares issued, respectively	88,121		87,647
Additional paid-in capital	1,193,753		1,148,689
Accumulated other comprehensive loss (net of tax benefit of $(21,209) and $(24,176), respectively)	(65,861)		(75,104)
Retained earnings	4,114,446		3,624,859
Total SLM Corporation stockholders’ equity before treasury stock	5,581,529		5,037,161
Less: Common stock held in treasury at cost: 230.2 million and 217.9 million shares, respectively	(3,421,609)		(3,156,364)
Total equity	2,159,920		1,880,797
Total liabilities and equity	$	3,210,413	$	2,932,644


Parent Only Condensed Statements of Income
Years ended December 31, (dollars in thousands)	2024		2023		2022
Interest income	$	11,660	$	9,334	$	4,084
Interest expense	39,855		39,850		39,860
Net interest loss	(28,195)		(30,516)		(35,776)

Non-interest income (loss)	114		(2,701)		(5,117)
Non-interest expenses	62,696		61,958		55,466
Loss before income tax benefit and equity in net income from subsidiaries	(90,777)		(95,175)		(96,359)
Income tax benefit	(7,117)		(6,942)		(10,351)
Equity in net income from subsidiaries (primarily Sallie Mae Bank)	691,985		669,624		555,022
Net income	608,325		581,391		469,014
Preferred stock dividends	18,296		17,705		9,029
Net income attributable to SLM Corporation common stock	$	590,029	$	563,686	$	459,985


Parent Only Condensed Statement of Cash Flows
Years ended December 31, (dollars in thousands)	2024		2023		2022

Cash flows from operating activities:
Net income	$	608,325	$	581,391	$	469,014
Adjustments to reconcile net income to net cash provided by operating activities:
Undistributed earnings of subsidiaries	(691,985)		(669,624)		(555,022)
Dividends received from Sallie Mae Bank	569,500		550,000		699,500
Reduction of tax indemnification receivable	—		2,816		5,231
Amortization of unsecured debt upfront fees	2,647		2,643		2,651
Amortization of discount on unsecured borrowings	573		571		571

Acquisition related costs	—		952		2,603

(Increase) decrease in investment in subsidiaries, net	27,350		35,654		(9,179)

Decrease in due from subsidiaries, net	20,123		36,864		5,124
Increase in other assets	(14,265)		(13,422)		(20,533)
Increase (decrease) in income taxes payable, net	(4,261)		490		(8,713)
Decrease in payable due to entity that is a subsidiary of Navient	—		—		(101)
Increase (decrease) in other liabilities	1,053		(3,442)		(1,836)
Total adjustments	(89,265)		(56,498)		120,296
Net cash provided by operating activities	519,060		524,893		589,310

Cash flows from investing activities:
Purchase of subsidiary, net of cash acquired	—		(14,654)		(127,654)

Net cash used in investing activities	—		(14,654)		(127,654)

Cash flows from financing activities:
Issuance costs for unsecured debt offering	—		—		(375)



Common stock dividends paid	(99,172)		(101,233)		(112,961)
Preferred stock dividends paid	(18,296)		(17,705)		(9,029)
Common stock repurchased	(247,968)		(350,264)		(713,197)
Net cash used in financing activities	(365,436)		(469,202)		(835,562)
Net increase (decrease) in cash and cash equivalents	153,624		41,037		(373,906)
Cash and cash equivalents at beginning of year	237,857		196,820		570,726
Cash and cash equivalents at end of year	$	391,481	$	237,857	$	196,820

Allowance for Credit Losses and Unfunded Loan Commitments - Financing Receivable, Modified, Subsequent Default (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, ,modified in period, amount	$ 1,001,410	$ 373,683
Private Education Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, ,modified in period, amount	1,035,055	380,526
Private Education Loans \| 60 Days or Greater Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, ,modified in period, amount	149,760	30,862
Period-end Amortized Cost Basis	118,928	28,972
Private Education Loans \| Interest Rate Reduction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, ,modified in period, amount	6,460	4,521
Period-end Amortized Cost Basis	4,621	4,174
Private Education Loans \| Combination - Interest Rate Reduction and Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, ,modified in period, amount	143,300	26,341
Period-end Amortized Cost Basis	$ 114,307	$ 24,798

Fair Value Measurements - Fair Values of Financial Assets and Liabilities, Including Derivative Financial Instruments (Details) $ in Thousands	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Available-for-sale investments	$ 1,933,226	$ 2,411,622
Trading investments	53,262	$ 54,481
Level 3 \| Valuation Technique, Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Available-for-sale investments	2,689
Trading investments	53,262
Total	$ 55,951
Level 3 \| Valuation Technique, Discounted Cash Flow \| Minimum \| Measurement Input, Prepayment Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities	0.069
Measurement input	0.069
Level 3 \| Valuation Technique, Discounted Cash Flow \| Minimum \| Measurement Input, Default Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities	0.040
Measurement input	0.040
Level 3 \| Valuation Technique, Discounted Cash Flow \| Maximum \| Measurement Input, Prepayment Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities	0.110
Measurement input	0.110
Level 3 \| Valuation Technique, Discounted Cash Flow \| Maximum \| Measurement Input, Default Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities	0.170
Measurement input	0.170
Level 3 \| Valuation Technique, Discounted Cash Flow \| Weighted Average \| Measurement Input, Prepayment Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities	0.083
Measurement input	0.083
Level 3 \| Valuation Technique, Discounted Cash Flow \| Weighted Average \| Measurement Input, Default Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities	0.115
Measurement input	0.115

Parent Only Statements - Balance Sheets (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	$ 4,700,366	$ 4,149,838	$ 4,616,117
Other assets	36,846	52,342
Total assets	30,072,110	29,169,468
Liabilities
Long-term borrowings	6,440,345	5,227,512
Other liabilities	403,277	407,971
Total liabilities	27,912,190	27,288,671
Equity
Common stock, par value $0.20 per share, 1.125 billion shares authorized: 440.6 million and 438.2 million shares issued, respectively	88,121	87,647
Additional paid-in capital	1,193,753	1,148,689
Accumulated other comprehensive loss (net of tax benefit of $(21,209) and $(24,176), respectively)	(65,861)	(75,104)
Retained earnings	4,114,446	3,624,859
Total SLM Corporation stockholders’ equity before treasury stock	5,581,529	5,037,161
Less: Common stock held in treasury at cost: 230.2 million and 217.9 million shares, respectively	(3,421,609)	(3,156,364)
Total equity	2,159,920	1,880,797	1,726,970	$ 2,149,711
Total liabilities and equity	$ 30,072,110	$ 29,169,468
Preferred stock, par or stated value (in dollars per share)	$ 0.20	$ 0.20
Preferred stock, shares authorized (in shares)	20.0	20.0
Preferred stock liquidation preference (in dollars per share)	$ 100	$ 100
Common stock, par value (in dollars per share)	$ 0.20	$ 0.20
Common stock, shares authorized (in shares)	1,125.0	1,125.0
Common stock, shares issued (in shares)	440.6	438.2
Accumulated other comprehensive income, tax	$ 21,209	$ 24,176
Common stock held in treasury (in shares)	230.2	217.9
Series B Preferred Stock
Equity
Preferred stock liquidation preference (in dollars per share)	$ 100
Parent Company
Assets
Cash and cash equivalents	$ 391,481	$ 237,857	$ 196,820	$ 570,726
Total investments in subsidiaries (primarily Sallie Mae Bank)	2,773,211	2,628,838
Due from subsidiaries, net	43,556	63,679
Other assets	2,165	2,270
Total assets	3,210,413	2,932,644
Liabilities
Long-term borrowings	995,420	992,200
Income taxes payable, net	22,440	26,701
Other liabilities	32,633	32,946
Total liabilities	1,050,493	1,051,847
Equity
Common stock, par value $0.20 per share, 1.125 billion shares authorized: 440.6 million and 438.2 million shares issued, respectively	88,121	87,647
Additional paid-in capital	1,193,753	1,148,689
Accumulated other comprehensive loss (net of tax benefit of $(21,209) and $(24,176), respectively)	(65,861)	(75,104)
Retained earnings	4,114,446	3,624,859
Total SLM Corporation stockholders’ equity before treasury stock	5,581,529	5,037,161
Less: Common stock held in treasury at cost: 230.2 million and 217.9 million shares, respectively	(3,421,609)	(3,156,364)
Total equity	2,159,920	1,880,797
Total liabilities and equity	$ 3,210,413	$ 2,932,644
Preferred stock, par or stated value (in dollars per share)	$ 0.20	$ 0.20
Preferred stock, shares authorized (in shares)	20.0	20.0
Common stock, par value (in dollars per share)	$ 0.20	$ 0.20
Common stock, shares authorized (in shares)	1,125.0	1,125.0
Common stock, shares issued (in shares)	440.6	438.2
Accumulated other comprehensive income, tax	$ 21,209	$ (24,176)
Common stock held in treasury (in shares)	230.2	217.9
Parent Company \| Series B Preferred Stock
Equity
Series B: 2.5 million and 2.5 million shares issued, respectively, at stated value of $100 per share	$ 251,070	$ 251,070
Preferred stock, shares issued (in shares)	2.5	2.5
Preferred stock liquidation preference (in dollars per share)	$ 100	$ 100

Borrowings

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Borrowings

Outstanding borrowings consist of unsecured debt and secured borrowings issued through our term asset-backed securities (“ABS”) program and our Secured Borrowing Facility. The issuing entities for those secured borrowings are VIEs and are consolidated for accounting purposes. The following table summarizes our secured borrowings at December 31, 2024 and 2023.


As of December 31, (dollars in thousands)	2024						2023
	Short-Term		Long-Term		Total		Short-Term		Long-Term		Total
Unsecured borrowings:
Unsecured debt (fixed-rate)	$	—	$	995,420	$	995,420	$	—	$	992,200	$	992,200
Total unsecured borrowings	—		995,420		995,420		—		992,200		992,200

Secured borrowings:
Private Education Loan term securitizations:
Fixed-rate	—		4,617,743		4,617,743		—		3,585,254		3,585,254
Variable-rate	—		827,182		827,182		—		650,058		650,058
Total Private Education Loan term securitizations	—		5,444,925		5,444,925		—		4,235,312		4,235,312
Secured Borrowing Facility	—		—		—		—		—		—
Total secured borrowings	—		5,444,925		5,444,925		—		4,235,312		4,235,312
Total	$	—	$	6,440,345	$	6,440,345	$	—	$	5,227,512	$	5,227,512

Short-term Borrowings

Secured Financings

On June 14, 2024, we amended our $2 billion maximum Secured Borrowing Facility to extend the maturity. We hold 100 percent of the residual interest in the Secured Borrowing Facility trust. The amendment extended the revolving period, during which we may borrow, repay, and reborrow funds, until June 13, 2025. The scheduled amortization period, during which amounts outstanding under the Secured Borrowing Facility must be repaid, ends on June 13, 2026 (or earlier, if certain material adverse events occur). The one-year revolving period plus the one-year amortization period results in a contractual maturity that is two years from the date of inception or renewal; however, we classify advances under our Secured Borrowing Facility as short-term borrowings because it is our intention to repay those advances within one year. For the years ended December 31, 2024 and December 31, 2023, there were no outstanding short-term borrowings under the Secured Borrowing Facility.

With the Secured Borrowing Facility, we incur financing costs on the unused borrowing capacity and on any outstanding advances. The non-use fee is based upon the Facility’s maximum borrowing limit of $2 billion, for both 2024 and 2023, and is applied to the unfunded balance. The Facility non-use fee was 55 basis points in both 2024 and 2023.

Long-term Borrowings

The following table summarizes the outstanding long-term borrowings, the weighted average interest rates at the end of the period and the related average balance during the period. Rates reflect stated interest of borrowings and related discounts and premiums. The long-term borrowings amortize over time and mature serially from 2025 to 2056.


	December 31, 2024				Year Ended December 31, 2024		December 31, 2023				Year Ended December 31, 2023
(Dollars in thousands)	Ending Balance		Weighted Average Interest Rate		Average Balance		Ending Balance		Weighted Average Interest Rate		Average Balance
Long-term borrowings:
Floating-rate borrowings	$	827,182	5.71	%	$	724,761	$	650,058	6.51	%	$	715,409
Fixed-rate borrowings	5,613,163		4.09		4,864,359		4,577,454		3.52		4,605,806
Total long-term borrowings	$	6,440,345	4.30	%	$	5,589,120	$	5,227,512	3.89	%	$	5,321,215

As of December 31, 2024, the maturities of our brokered CDs and borrowings are summarized below.


As of December 31, 2024 (dollars in thousands)	Brokered CDs		Unsecured Debt		Secured Borrowings(1)		Total

2025	$	2,763,401	$	498,897	$	823,843	$	4,086,141
2026	1,824,607		496,523		840,927		3,162,057
2027	783,061		—		823,320		1,606,381
2028	146,282		—		642,798		789,080
2029	683,748		—		568,779		1,252,527
2030 and after	—		—		1,764,900		1,764,900
	6,201,099		995,420		5,464,567		12,661,086
Hedge accounting adjustments	(241)		—		—		(241)
Total	$	6,200,858	$	995,420	$	5,464,567	$	12,660,845

(1) We view our secured borrowings as long-term based on the contractual maturity dates ranging from 2032 to 2056. However, the actual maturity of our secured borrowings depends on the prepayment speeds of the underlying collateralized loans. To disclose how we expect this debt to pay down over time, the maturities for our secured borrowings are based on the projected bond principal paydowns using the current estimated loan prepayment speeds.

Unsecured Financing Transactions

On October 29, 2020, we issued $500 million of 4.20 percent unsecured Senior Notes due October 29, 2025. At December 31, 2024, the outstanding balance was $499 million. This unsecured borrowing remained classified as long-term as of December 31, 2024 in accordance with our ability and intent to refinance the debt on a long-term basis. On February 18, 2025, we redeemed these Senior Notes with proceeds from $500 million of 6.50 percent unsecured Senior Notes issued on January 31, 2025 and due January 31, 2030. See Note 23, “Subsequent Events” in this Form 10-K for additional information.

On November 1, 2021, we issued $500 million of 3.125 percent unsecured Senior Notes due November 2, 2026, at a price of 99.43 percent. At December 31, 2024, the outstanding balance was $496 million.

Secured Financing Transactions

The following summarizes our term funding collateralized by pools of Private Education Loans in the long-term ABS market issued in 2023 and 2024 in which we retained 100 percent of the residual class certificates.


SMB Private Education Loan Trust	Date Closed	Loans Transferred to the Trust(1)		Notes Issued		Gross Proceeds		Weighted Average Cost of Funds(2)	Weighted Average Life of Class A and Class B Notes (in years)
(Dollars in thousands)

















2023-A ABS Transaction	March 15, 2023	$	644,573	$	579,000	$	571,910	SOFR plus 1.53%	5.06
2023-C ABS Transaction	August 16, 2023	647,934		568,000		567,881		SOFR plus 1.69%	4.93
Total 2023		$	1,292,507	$	1,147,000	$	1,139,791

2024-C ABS Transaction	May 15, 2024	$	733,644	$	668,000	$	667,888	SOFR plus 1.19%	5.36
2024-E ABS Transaction	August 14, 2024	944,645		868,000		867,743		SOFR plus 1.42%	5.17
2024-F ABS Transaction	November 6, 2024	732,445		680,000		679,981		SOFR plus 1.08%	5.09
Total 2024		$	2,410,734	$	2,216,000	$	2,215,612

(1)The transfer of such loans did not qualify for sale treatment and thus remain on our consolidated balance sheet. At December 31, 2024, the following Private Education Loan amounts remain encumbered related to these transactions:


SMB Private Education Loan Trust	Loan Principal		Capitalized Interest		Total Loans
(Dollars in thousands)
2023-A ABS Transaction	$	484,551	$	32,856	$	517,407
2023-C ABS Transaction	516,507		35,287		551,794
Total 2023	$	1,001,058	$	68,143	$	1,069,201

2024-C ABS Transaction	$	646,550	$	52,968	$	699,518
2024-E ABS Transaction	841,355		69,238		910,593
2024-F ABS Transaction	662,361		55,131		717,492
Total 2024	$	2,150,266	$	177,337	$	2,327,603

(2)Represents SOFR equivalent cost of funds for variable and fixed-rate bonds, excluding issuance costs.

Pre-2023 Transactions

Prior to 2023, we executed a total of $10.38 billion in ABS transactions that were accounted for as secured financings. At December 31, 2024, $3.74 billion of our Private Education Loans, including $3.63 billion of principal and $107 million in capitalized interest, were encumbered as a result of these transactions.

Consolidated Funding Vehicles

We consolidate our financing entities that are VIEs as a result of our being the entities’ primary beneficiary. As a result, these financing VIEs are accounted for as secured borrowings.


As of December 31, 2024 (dollars in thousands)
	Debt Outstanding						Carrying Amount of Net Assets Securing Debt Outstanding
	Short-Term		Long-Term		Total		Loans		Restricted Cash		Other Assets, Net(1)		Total
Secured borrowings:
Private Education Loan term securitizations	$	—	$	5,444,925	$	5,444,925	$	6,786,390	$	173,892	$	418,705	$	7,378,987
Secured Borrowing Facility	—		—		—		—		—		98		98
Total	$	—	$	5,444,925	$	5,444,925	$	6,786,390	$	173,892	$	418,803	$	7,379,085


As of December 31, 2023 (dollars in thousands)
	Debt Outstanding						Carrying Amount of Net Assets Securing Debt Outstanding
	Short-Term		Long-Term		Total		Loans		Restricted Cash		Other Assets, Net(1)		Total
Secured borrowings:
Private Education Loan term securitizations	$	—	$	4,235,312	$	4,235,312	$	5,539,964	$	149,412	$	303,653	$	5,993,029
Secured Borrowing Facility	—		—		—		—		—		100		100
Total	$	—	$	4,235,312	$	4,235,312	$	5,539,964	$	149,412	$	303,753	$	5,993,129

(1) Other assets, net primarily represents accrued interest receivable and payable.

Unconsolidated Funding Vehicles

Private Education Loan Securitizations

Unconsolidated VIEs include variable interests that we hold in certain securitization trusts created by the sale of our Private Education Loans to unaffiliated third parties. We remained the servicer of these loans pursuant to applicable servicing agreements executed in connection with the sales, and we are also the administrator of these trusts. Additionally, we own five percent of the securities issued by the trusts to meet risk retention requirements. We were not required to consolidate these entities because the fees we receive as the servicer/administrator are commensurate with our responsibility, so the fees are not considered a variable interest. Additionally, the five percent vertical interest we maintain does not absorb more than an insignificant amount of the VIE’s expected losses, nor do we receive more than an insignificant amount of the VIE’s expected residual returns. We classified those vertical risk retention interests related to the securitization transactions listed below as available-for-sale investments, except for the interest in the residual class, which we classified as trading investments recorded at fair value with changes recorded through earnings. The following summarizes our Private Education Loan ABS transactions closed in 2023 and 2024 where the respective VIEs were not consolidated.


SMB Private Education Loan Trust	Date Closed	Loans Transferred to the Trust by Third-Party Seller		Date Third-Party Seller Previously Purchased Loans from the Bank	Additional Loans the Bank Transferred to the Trust(1)		Gain on Sale for Additional Loans Transferred by Bank
(Dollars in thousands)
2023-B ABS transaction(2)	May 24, 2023	$	1,988,277	May 3, 2023	$	104,743	$	5,391
2023-D ABS transaction(2)	November 7, 2023	995,184		October 13, 2023	52,572		1,570
2024-A ABS transaction(2)	March 13, 2024	1,988,248		February 1, 2024	104,748		6,685
2024-R1 ABS transaction(3)	April 9, 2024	68,896		n/a	—		—
2024-B ABS transaction(2)	April 11, 2024	191,445		March 6, 2020 and November 17, 2021	10,132		35
2024-D ABS transaction(2)	June 28, 2024	1,494,953		May 23, 2024	78,782		$	6,051

(1)The transfer of such additional loans qualified for sale treatment and removed these loans from our balance sheet on the settlement date of the transaction.

(2)Sallie Mae Bank sponsored the transaction and is the servicer and administrator.

(3)An unaffiliated third party sold to the Trust approximately $69 million of Private Education Loan residual flows from our 2020-PTA and 2020-PTB transactions through a re-securitization. Sallie Mae Bank sponsored the 2024-R1 transaction and is the administrator of the Trust.

The table below provides a summary of our exposure related to our unconsolidated VIEs.


	2024						2023
As of December 31, (dollars in thousands)	Debt Interests(1)		Equity Interests(2)		Total Exposure		Debt Interests(1)		Equity Interests(2)		Total Exposure
Private Education Loan term securitizations	$	571,795	$	53,262	$	625,057	$	423,327	$	54,481	$	477,808

(1) Vertical risk retention interest classified as available-for-sale investment.

(2) Vertical risk retention interest classified as trading investment.

Other Borrowing Sources

We maintain discretionary uncommitted Federal Funds lines of credit with various correspondent banks, which totaled $125 million at December 31, 2023. The interest rate we are charged on these lines of credit is priced at Fed Funds plus a spread at the time of borrowing, and is payable daily. We did not utilize these lines of credit in the years ended December 31, 2024 and 2023.

We established an account at the FRB to meet eligibility requirements for access to the Primary Credit borrowing facility at the FRB’s Discount Window (the “Window”). The Primary Credit borrowing facility is a lending program available to depository institutions that are in generally sound financial condition. All borrowings at the Window must be fully collateralized. We can pledge asset-backed and mortgage-backed securities, as well as Private Education Loans, to the FRB as collateral for borrowings at the Window. Generally, collateral value is assigned based on the estimated fair value of the pledged assets. At December 31, 2024 and December 31, 2023, the value of our pledged collateral at the FRB totaled $2.2 billion and $1.6 billion, respectively. The interest rate charged to us is the discount rate set by the FRB. We did not utilize this facility in the years ended December 31, 2024 and 2023.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Taxes - Components of Provision for Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current provision (benefit):
Federal	$ 181,132	$ 175,977	$ 205,954
State	43,506	44,152	49,427
Total current provision (benefit)	224,638	220,129	255,381
Deferred provision (benefit):
Federal	(19,032)	(20,687)	(75,978)
State	(15,295)	(2,537)	(17,692)
Total deferred provision (benefit)	(34,327)	(23,224)	(93,670)
Provision for income tax expense	$ 190,311	$ 196,905	$ 161,711

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
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+ Details

Stockholders' Equity - Share Repurchases (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Jan. 24, 2024	Jan. 26, 2022	Oct. 31, 2021	Oct. 20, 2021	Jan. 27, 2021	Jan. 22, 2020
Class of Stock [Line Items]
Aggregate purchase price (not to exceed)				$ 650,000
Common stock repurchased under repurchase programs (in shares)	11,586,103	22,341,595	40,253,548
Average purchase price per share (in dollars per share)	$ 20.19	$ 15.46	$ 18.36
Repurchase amount	$ 250,108	$ 349,397	$ 707,742
Common stock, par value (in dollars per share)	$ 0.20	$ 0.20
Common stock repurchased	$ 247,968	$ 350,264	$ 713,197
Common Stock
Class of Stock [Line Items]
Common stock repurchased under repurchase programs (in shares)	11,586,103	22,341,595	40,253,548
Common Stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.20
Share price (in dollars per share)	$ 27.58
2020 Share Repurchase Program
Class of Stock [Line Items]
Aggregate purchase price (not to exceed)									$ 600,000
2021 Share Repurchase Program \| Common Stock
Class of Stock [Line Items]
Aggregate purchase price (not to exceed)							$ 1,500,000	$ 1,250,000
Number of additional shares authorized to be repurchased						$ 250,000
2022 Share Repurchase Program
Class of Stock [Line Items]
Remaining authority under the share repurchase program	$ 402,000
2022 Share Repurchase Program \| Common Stock
Class of Stock [Line Items]
Aggregate purchase price (not to exceed)					$ 1,250,000
Rule 10b5-1 Trading Plan \| Common Stock
Class of Stock [Line Items]
Payment for delivery of common stock	$ 250,000	$ 349,000	$ 708,000
Common stock repurchased under repurchase programs (in shares)	12,000,000	22,000,000	40,000,000

Significant Accounting Policies - Business Combination (Details) - USD ($) $ in Thousands		12 Months Ended			17 Months Ended
	Jul. 21, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2024	Mar. 04, 2022
Business Acquisition [Line Items]
Goodwill		$ 56,000			$ 56,000
Acquisition related costs		$ 0	$ 952	$ 2,603
Nitro
Business Acquisition [Line Items]
Purchase price						$ 51,000
Transaction costs						3,000
Identifiable intangible assets at acquisition date included definite life intangible assets						$ 75,000
Scholly, Inc.
Business Acquisition [Line Items]
Goodwill	$ 5,000
Acquisition related costs					$ 1,000
Identifiable intangible assets aggregate fair value at acquisition date	$ 11,000

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Borrowings - Unconsolidated VIEs Narrative (Details) - USD ($) $ in Thousands						12 Months Ended
	Jun. 28, 2024	Apr. 11, 2024	Apr. 09, 2024	Nov. 07, 2023	May 24, 2023	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Vertical risk retention interest						5.00%	5.00%
2024-R1 ABS transaction \| Private Education Loans
Debt Instrument [Line Items]
Loans Transferred to the Trust by Third-Party Seller			$ 68,896
Additional Loans the Bank Transferred to the Trust			0
Gain on Sale for Additional Loans Transferred by Bank			$ 0
2024-B ABS transaction \| Private Education Loans
Debt Instrument [Line Items]
Loans Transferred to the Trust by Third-Party Seller		$ 191,445
Additional Loans the Bank Transferred to the Trust		10,132
Gain on Sale for Additional Loans Transferred by Bank		$ 35
2024-D ABS transaction \| Private Education Loans
Debt Instrument [Line Items]
Loans Transferred to the Trust by Third-Party Seller	$ 1,494,953
Additional Loans the Bank Transferred to the Trust	78,782
Gain on Sale for Additional Loans Transferred by Bank	$ 6,051
2023-B ABS transaction \| Private Education Loans
Debt Instrument [Line Items]
Loans Transferred to the Trust by Third-Party Seller					$ 1,988,277
Additional Loans the Bank Transferred to the Trust					104,743
Gain on Sale for Additional Loans Transferred by Bank					$ 5,391
2023-D ABS transaction \| Private Education Loans
Debt Instrument [Line Items]
Loans Transferred to the Trust by Third-Party Seller				$ 995,184
Additional Loans the Bank Transferred to the Trust				52,572
Gain on Sale for Additional Loans Transferred by Bank				$ 1,570

Stock-Based Compensation Plans and Arrangements - Employee Stock Purchase Plan (Details) - Employee Stock Purchase Plan - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	4.56%	5.31%	3.02%
Expected volatility	27.00%	38.00%	39.00%
Expected dividend rate	1.99%	2.73%	2.78%
Expected life of the option	1 year	1 year	1 year
Weighted average fair value of stock purchase rights (in dollars per share)	$ 5.07	$ 4.14	$ 4.17

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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-Section 35
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+ Details

Deposits -Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Deposits -Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Deposits [Abstract]
Deposits	$ 21,068,568	$ 21,653,188
Brokered deposits	9,500,000	10,300,000
Retail and other deposits	11,600,000	11,400,000
Stable interest-bearing deposits, total	7,000,000	7,600,000
Brokered deposit placement fee	11,000	12,000	$ 13,000
Third party broker fees paid	8,000	8,000	$ 13,000
Deposits exceeding FDIC insurance limits	567,000	478,000
Accrued interest on deposits	$ 92,000	$ 91,000

Concentrations of Risk	12 Months Ended
Concentrations of Risk	Dec. 31, 2024
Risks and Uncertainties [Abstract]
Concentrations of Risk	Concentrations of Risk Our business is primarily focused on helping students and their families save, plan, and pay for college. We primarily originate, service, and/or collect loans made to students and their families to finance the cost of their education. We provide funding, delivery, and servicing support for education loans in the United States through our Private Education Loan program. Because of this concentration in one industry, we are exposed to a number of risks, including, but not limited to, credit, legislative/political/reputational, operational, regulatory, liquidity, capital, and interest rate risks associated with the student loan industry. Concentration Risk in the Revenues Associated with Private Education Loans We compete in the Private Education Loan market with banks and other consumer lending institutions, some with strong consumer brand name recognition and greater financial resources. We compete based on our products, origination capability, and customer service. To the extent our competitors compete aggressively or more effectively, we could lose market share to them or subject our existing loans to refinancing risk. Our product offerings may not prove to be profitable and may result in higher-than-expected losses. We are a leading provider of saving- and paying-for-college products and programs. This concentration gives us a competitive advantage in the marketplace. This concentration also creates risks in our business, particularly in light of our concentration as a Private Education Loan lender. If population demographics result in a decrease in college-age individuals, if demand for higher education decreases, if the cost of attendance of higher education decreases, if consumers increase their targeted savings for higher education, if public resistance to higher education costs strengthens, if certain proposals for new federal and state spending on education gain broader appeal or momentum, or if the demand for higher education loans decreases, our consumer lending business could be negatively affected. In addition, the federal government, through the Federal Direct Student Loan Program (the “DSLP”), poses significant competition to our private credit loan products. If loan limits under the DSLP increase, DSLP loans could be more widely available to students and their families and DSLP loans could increase, resulting in further decreases in the size of the Private Education Loan market and demand for our Private Education Loan products. Also, competition from banks and other consumer lenders, many of whom may have a greater level of diversification in their mix of assets or may have lower return hurdles, could lead to decreases in demand for our Private Education Loan products. Concentration Risk Associated with Deposit Products Our ability to achieve our business goals, including funding our Private Education Loans, is heavily reliant on our ability to obtain deposits. We expect to compete for deposits based primarily on a combination of reputation, rate, and availability of information about our deposit products. Our competitors, many of whom have greater financial resources or lower costs than we do, may be more effective in attracting new deposits and retaining existing deposits such as by offering more competitive rates, dedicating more resources for advertising, or engaging in more effective forms of marketing. At December 31, 2024, our brokered deposits represented 45 percent of our total deposits. Brokered deposits may be more price sensitive than other types of deposits and may become less available if alternative investments offer higher returns. In addition, our ability to maintain existing balances of all deposit types or obtain additional deposits of any type may be affected by factors, including those beyond our control, such as a rising stock market, more attractive returns on alternative investments, perceptions about our existing and future financial strength, quality of deposit servicing or online banking generally, changes in monetary or fiscal policies that influence deposit or other rates, general economic conditions, including high unemployment and decreased savings rates, and adverse developments in the financial services industry generally. Also, our ability to maintain our current level of deposits or grow our deposit base could be affected by regulatory restrictions, including the possible imposition by our regulators of prior approval requirements or restrictions on our offered rates, brokered deposit growth, or other areas.

Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Trading investments	$ 53,262	$ 54,481
Vertical risk retention interest	5.00%	5.00%
Settlements	$ 892	$ 974

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in net income (trading).

+ References + Details

Premises and Equipment, Net - Schedule of Premises and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	$ 287,575	$ 275,147
Accumulated depreciation	(168,221)	(145,646)
Premises and equipment, net	119,354	129,501
Land and land improvements
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	12,356	12,356
Buildings and leasehold improvements
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	124,568	122,301
Furniture, fixtures, and equipment
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	35,519	34,068
Software
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	$ 115,132	$ 106,422

Derivative Financial Instruments - Narrative (Details)	12 Months Ended
Derivative Financial Instruments - Narrative (Details)	Dec. 31, 2024 USD ($) counterparty	Dec. 31, 2023 USD ($)
Derivative [Line Items]
Number of central counterparties \| counterparty	2
Notional value	$ 920,617,000	$ 1,906,092,000
Derivative, fair value, amount offset against collateral, net	5,000,000	9,000,000
Gain (loss) to be reclassified within 12 months	(21,000,000)
Cash collateral held relative to derivative exposure	0	0
Cash collateral pledged	5,000,000	$ 9,000,000
CME
Derivative [Line Items]
Notional value	$ 850,000,000
Percent of total notional derivative contracts	92.30%
Amount of variation margin included as settlement	$ (22,000,000)
LCH
Derivative [Line Items]
Notional value	$ 71,000,000
Percent of total notional derivative contracts	7.70%
Amount of variation margin included as settlement	$ (1,000,000)

Allowance for Credit Losses and Unfunded Loan Commitments - Age Analysis of Past Due Loans Delinquencies (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans allowance for losses	$ (1,435,920)	$ (1,339,772)	$ (1,357,075)	$ (1,165,335)
Private Education Loans, net	$ 20,902,158	$ 20,306,357
Percentage of Private Education Loans in repayment, Year 1	56.50%	55.60%	56.90%
Percentage of Private Education Loans in repayment, Year 2	63.50%	65.30%	67.10%
Percentage of Private Education Loans in repayment, Year 3	73.70%	75.20%	76.10%
Percentage of Private Education Loans in repayment, Year 4	80.30%	81.10%	80.70%
Percentage of Private Education Loans in repayment, Year 5	84.30%	85.00%	84.50%
Percentage of Private Education Loans in repayment, Year 6	89.70%	89.30%	89.30%
Percentage of Private Education Loans in repayment	72.40%	73.30%	74.50%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment, Year 1	0.70%	1.00%	0.90%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment, Year 2	2.00%	2.10%	1.90%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment, Year 3	3.80%	3.60%	3.10%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment, Year 4	4.30%	4.10%	4.00%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment, Year 5	4.40%	4.50%	4.70%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment, Year 6	6.30%	6.80%	6.50%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment, total	3.70%	3.90%	3.80%
Loans in forbearance as a percentage of loans in repayment and forbearance, Year 1	0.70%	0.80%	0.70%
Loans in forbearance as a percentage of loans in repayment and forbearance, Year 2	3.60%	2.70%	2.10%
Loans in forbearance as a percentage of loans in repayment and forbearance, Year 3	3.60%	2.60%	1.90%
Loans in forbearance as a percentage of loans in repayment and forbearance, Year 4	3.10%	2.30%	2.10%
Loans in forbearance as a percentage of loans in repayment and forbearance, Year 5	2.70%	2.20%	2.20%
Loans in forbearance as a percentage of loans in repayment and forbearance, Year 6	1.80%	1.90%	2.00%
Loans in forbearance as a percentage of loans in repayment and forbearance	2.50%	2.10%	1.80%
Student Loan \| Consumer Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Private Education Loans in forbearance, Year 1	$ 2,840,129	$ 2,494,814	$ 2,432,838
Total Private Education Loans in forbearance, Year 2	3,379,077	3,323,327	3,049,477
Total Private Education Loans in forbearance, Year 3	2,348,504	2,209,734	1,967,756
Total Private Education Loans in forbearance, Year 4	1,661,502	1,475,858	1,754,219
Total Private Education Loans in forbearance, Year 5	1,158,044	1,386,889	1,365,979
Total Private Education Loans in forbearance, Year 6	4,719,495	4,519,192	4,559,281
Private Education Loans in forbearance, total	16,106,751	15,409,814	15,129,550
Total Private Education Loans, gross, Year 1	5,024,592	4,490,119	4,276,533
Total Private Education Loans, gross, Year 2	5,321,510	5,088,739	4,547,159
Total Private Education Loans, gross, Year 3	3,185,247	2,937,422	2,584,622
Total Private Education Loans, gross, Year 4	2,069,436	1,819,089	2,172,660
Total Private Education Loans, gross, Year 5	1,373,996	1,632,300	1,615,842
Total Private Education Loans, gross, Year 6	5,260,227	5,058,175	5,106,872
Total Private Education Loans, gross	22,235,008	21,025,844	20,303,688
Private Education Loans deferred origination costs and unamortized premium/(discount), Year 1	47,659	35,616	26,714
Private Education Loans deferred origination costs and unamortized premium/(discount), Year 2	25,599	18,556	15,933
Private Education Loans deferred origination costs and unamortized premium/(discount), Year 3	10,788	9,465	9,062
Private Education Loans deferred origination costs and unamortized premium/(discount), Year 4	6,142	5,809	5,496
Private Education Loans deferred origination costs and unamortized premium/(discount), Year 5	4,057	3,556	3,575
Private Education Loans deferred origination costs and unamortized premium/(discount), Year 6	8,825	8,552	8,876
Private Education Loans deferred origination costs and unamortized premium/(discount), Total	103,070	81,554	69,656
Total Private Education Loans, Year 1	5,072,251	4,525,735	4,303,247
Total Private Education Loans, Year 2	5,347,109	5,107,295	4,563,092
Total Private Education Loans, Year 3	3,196,035	2,946,887	2,593,684
Total Private Education Loans, Year 4	2,075,578	1,824,898	2,178,156
Total Private Education Loans, Year 5	1,378,053	1,635,856	1,619,417
Total Private Education Loans, Year 6	5,269,052	5,066,727	5,115,748
Total Private Education Loans	22,338,078	21,107,398	20,373,344
Private Education Loans allowance for losses, Year 1	(258,235)	(269,642)	(304,943)
Private Education Loans allowance for losses, Year 2	(326,207)	(335,090)	(323,506)
Private Education Loans allowance for losses, Year 3	(234,532)	(194,104)	(181,915)
Private Education Loans allowance for losses, Year 4	(150,324)	(118,755)	(141,424)
Private Education Loans allowance for losses, Year 5	(90,600)	(100,111)	(101,023)
Private Education Loans allowance for losses, Year 6	(376,022)	(317,403)	(300,820)
Private Education Loans allowance for losses	(1,435,920)	(1,335,105)	(1,353,631)
Private Education Loans, net, Year 1	4,814,016	4,256,093	3,998,304
Private Education Loans, net, Year 2	5,020,902	4,772,205	4,239,586
Private Education Loans, net, Year 3	2,961,503	2,752,783	2,411,769
Private Education Loans, net, Year 4	1,925,254	1,706,143	2,036,732
Private Education Loans, net, Year 5	1,287,453	1,535,745	1,518,394
Private Education Loans, net, Year 6	4,893,030	4,749,324	4,814,928
Private Education Loans, net	20,902,158	19,772,293	19,019,713
Student Loan \| Consumer Portfolio Segment \| Loan delinquent, current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	2,820,940	2,469,817	2,411,441
Year 2	3,312,916	3,254,534	2,991,839
Year 3	2,259,455	2,131,040	1,907,574
Year 4	1,590,812	1,416,069	1,683,986
Year 5	1,107,189	1,323,825	1,301,809
After Year 5	4,422,021	4,213,986	4,262,698
Loan type	15,513,333	14,809,271	14,559,347
Student Loan \| Consumer Portfolio Segment \| Loan delinquent 30-59 days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	13,533	17,599	14,164
Year 2	36,441	34,627	30,740
Year 3	45,543	37,147	30,877
Year 4	35,245	28,020	35,213
Year 5	27,302	31,432	31,366
After Year 5	152,684	149,926	144,948
Loan type	310,748	298,751	287,308
Student Loan \| Consumer Portfolio Segment \| Loan delinquent 60-89 days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	3,973	5,720	5,523
Year 2	15,239	17,227	15,056
Year 3	23,359	20,077	14,433
Year 4	18,365	16,614	18,201
Year 5	10,921	15,482	16,697
After Year 5	68,878	75,897	77,595
Loan type	140,735	151,017	147,505
Student Loan \| Consumer Portfolio Segment \| Loan delinquent 90 days or greater past due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	1,683	1,678	1,710
Year 2	14,481	16,939	11,842
Year 3	20,147	21,470	14,872
Year 4	17,080	15,155	16,819
Year 5	12,632	16,150	16,107
After Year 5	75,912	79,383	74,040
Loan type	141,935	150,775	135,390
Student Loan \| Loans In-School/Grace/Deferment \| Consumer Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	2,164,479	1,976,040	1,827,649
Year 2	1,817,705	1,672,333	1,433,322
Year 3	748,782	669,250	578,253
Year 4	355,248	307,781	380,639
Year 5	184,377	213,593	219,280
After Year 5	452,236	452,994	455,910
Loan type	5,722,827	5,291,991	4,895,053
Student Loan \| Loans In Forbearance \| Consumer Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Private Education Loans in forbearance, Year 1	19,984	19,265	16,046
Total Private Education Loans in forbearance, Year 2	124,728	93,079	64,360
Total Private Education Loans in forbearance, Year 3	87,961	58,438	38,613
Total Private Education Loans in forbearance, Year 4	52,686	35,450	37,802
Total Private Education Loans in forbearance, Year 5	31,575	31,818	30,583
Total Private Education Loans in forbearance, Year 6	88,496	85,989	91,681
Private Education Loans in forbearance, total	$ 405,430	$ 324,039	$ 279,085

Earnings Per Common Share (Tables)

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

A reconciliation of the numerators and denominators of the basic and diluted EPS calculations follows.


Years ended December 31, (dollars in thousands, except per share data)	2024		2023		2022
Numerator:
Net income	$	608,325	$	581,391	$	469,014
Preferred stock dividends	18,296		17,705		9,029
Net income attributable to SLM Corporation common stock	$	590,029	$	563,686	$	459,985
Denominator:
Weighted average shares used to compute basic EPS	216,220		231,411		258,439
Effect of dilutive securities:
Dilutive effect of stock options, restricted stock, restricted stock units, performance stock units, and Employee Stock Purchase Plan (“ESPP”) (1)(2)	3,714		2,652		3,064
Weighted average shares used to compute diluted EPS	219,934		234,063		261,503

Basic earnings per common share	$	2.73	$	2.44	$	1.78

Diluted earnings per common share	$	2.68	$	2.41	$	1.76

(1) Includes the potential dilutive effect of additional common shares that are issuable upon exercise of outstanding stock options, restricted stock, restricted stock units, performance stock units, and the outstanding commitment to issue shares under the ESPP, determined by the treasury stock method.

(2) For the years ended December 31, 2024, 2023, and 2022, securities covering approximately less than 1 million shares, 1 million shares, and 1 million shares, respectively, were outstanding but not included in the computation of diluted earnings per share because they were anti-dilutive.

Parent Only Statements - Statements of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net income	$ 608,325	$ 581,391	$ 469,014
Adjustments to reconcile net income to net cash provided by operating activities:
Reduction of tax indemnification receivable	0	2,816	5,231
Amortization of unsecured debt upfront fees	2,359	2,869	2,634
Amortization of discount on unsecured borrowings	573	571	571
Acquisition related costs	0	952	2,603
Increase in other assets	(6,531)	(38,902)	(23,472)
Increase (decrease) in other liabilities	(15,180)	(27,807)	(6,473)
Total adjustments	(937,720)	(726,028)	(464,022)
Total net cash (used in) provided by operating activities	(329,395)	(144,637)	4,992
Cash flows from investing activities:
Purchase of subsidiary, net of cash acquired	0	(14,654)	(127,654)
Total net cash provided by (used in) investing activities	675,993	(12,460)	1,077,392
Cash flows from financing activities:
Common stock dividends paid	(99,172)	(101,233)	(112,961)
Common stock repurchased	(247,968)	(350,264)	(713,197)
Net cash provided by (used in) financing activities	228,155	(316,232)	(854,892)
Net increase (decrease) in cash, cash equivalents and restricted cash	574,753	(473,329)	227,492
Cash and cash equivalents at beginning of year	4,149,838	4,616,117
Cash and cash equivalents at end of year	4,700,366	4,149,838	4,616,117
Parent Company
Cash flows from operating activities:
Net income	608,325	581,391	469,014
Adjustments to reconcile net income to net cash provided by operating activities:
Undistributed earnings of subsidiaries	(691,985)	(669,624)	(555,022)
Dividends received from Sallie Mae Bank	569,500	550,000	699,500
Reduction of tax indemnification receivable	0	2,816	5,231
Amortization of unsecured debt upfront fees	2,647	2,643	2,651
(Increase) decrease in investment in subsidiaries, net	27,350	35,654	(9,179)
Decrease in due from subsidiaries, net	20,123	36,864	5,124
Increase in other assets	(14,265)	(13,422)	(20,533)
Increase (decrease) in income taxes payable, net	(4,261)	490	(8,713)
Decrease in payable due to entity that is a subsidiary of Navient	0	0	(101)
Increase (decrease) in other liabilities	1,053	(3,442)	(1,836)
Total adjustments	(89,265)	(56,498)	120,296
Total net cash (used in) provided by operating activities	519,060	524,893	589,310
Cash flows from investing activities:
Total net cash provided by (used in) investing activities	0	(14,654)	(127,654)
Cash flows from financing activities:
Issuance costs for unsecured debt offering	0	0	(375)
Common stock dividends paid	(99,172)	(101,233)	(112,961)
Preferred stock dividends paid	(18,296)	(17,705)	(9,029)
Common stock repurchased	(247,968)	(350,264)	(713,197)
Net cash provided by (used in) financing activities	(365,436)	(469,202)	(835,562)
Net increase (decrease) in cash, cash equivalents and restricted cash	153,624	41,037	(373,906)
Cash and cash equivalents at beginning of year	237,857	196,820	570,726
Cash and cash equivalents at end of year	$ 391,481	$ 237,857	$ 196,820

Loans Held for Investment - By Region (Details)	Dec. 31, 2024	Dec. 31, 2023
Loans held for investment by Region [Line Items]
Percentage of loans concentrated in major states	43.80%	43.50%
California
Loans held for investment by Region [Line Items]
Percentage of loans held in state	10.20%	10.10%
New York
Loans held for investment by Region [Line Items]
Percentage of loans held in state	9.00%	9.00%
Pennsylvania
Loans held for investment by Region [Line Items]
Percentage of loans held in state	7.10%	7.20%
Texas
Loans held for investment by Region [Line Items]
Percentage of loans held in state	6.60%	6.30%
New Jersey
Loans held for investment by Region [Line Items]
Percentage of loans held in state	5.60%	5.60%
Florida
Loans held for investment by Region [Line Items]
Percentage of loans held in state	5.30%	5.30%

Investments - Narrative (Details) $ in Thousands	3 Months Ended	12 Months Ended
Investments - Narrative (Details) $ in Thousands	Dec. 31, 2022 USD ($)	Dec. 31, 2024 USD ($) security	Dec. 31, 2023 USD ($) security	Dec. 31, 2022 USD ($)	Mar. 31, 2023 USD ($)
Debt Securities, Available-for-sale [Line Items]
Vertical risk retention interest		5.00%	5.00%
Increase in trading investments		$ 0	$ 0	$ 5,117
Trading investments		$ 53,262	$ 54,481
Number of government sponsored securities with unrealized losses \| security		236	213
Number of mortgage-backed securities \| security		278	248
Par value of mortgage-backed securities pledged to FRB		$ 610,000	$ 612,000
Non-marketable securities investment		24,000	14,000
Gain (loss) on non-marketable securities investment	$ (60,000)
Low income housing tax credit investments		13,000	11,000	9,000
Amount of amortization reported in income tax expense		10,000	9,000	$ 7,000
Total carrying value of LIHTC investments		82,000	72,000
Liability for unfunded commitments		$ 30,000	$ 30,000
Investment Program, Proportional Amortization Method, Elected, Income Tax Credit and Other Income Tax Benefit, before Amortization, Statement of Cash Flows [Extensible Enumeration]		Deferred tax provision (benefit)
Investment Program, Proportional Amortization Method, Elected, Income Tax Credit and Other Income Tax Benefit, before Amortization, Statement of Income or Comprehensive Income [Extensible Enumeration]		Income tax expense
Investment Program, Proportional Amortization Method, Applied, Amortization Expense, Statement of Income or Comprehensive Income [Extensible Enumeration]		Income tax expense
Investment Program, Proportional Amortization Method, Applied, Amortization Expense, Statement of Cash Flows [Extensible Enumeration]		Accretion (Amortization) of Discounts and Premiums, Investments
Investment, Proportional Amortization Method, Elected, Statement of Financial Position [Extensible Enumeration]		Investments
Equity Securities
Debt Securities, Available-for-sale [Line Items]
Non-marketable securities investment					$ 5,000

Stockholders' Equity - Preferred Stock (Details) - $ / shares shares in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)	2.5	2.5
Preferred stock liquidation preference (in dollars per share)	$ 100	$ 100
Series B Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)	2.5
Preferred stock liquidation preference (in dollars per share)	$ 100
Series B Preferred Stock \| London Interbank Offered Rate (LIBOR) 1
Class of Stock [Line Items]
Preferred stock dividend rate (as a percentage)	1.70%
Series B Preferred Stock \| Secured Overnight Financing Rate (SOFR)
Class of Stock [Line Items]
Preferred stock dividend rate (as a percentage)	1.70%
Series B Preferred Stock \| Three Month LIBOR
Class of Stock [Line Items]
Preferred stock dividend rate (as a percentage)	0.26161%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
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-URI https://asc.fasb.org/1943274/2147483014/272-10-45-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 13
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 14
-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.5-02(27)(b))
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Significant Accounting Policies - Trading Investments Narrative (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Vertical risk retention interest	5.00%	5.00%

Significant Accounting Policies - Derivative Accounting (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Notional derivative contracts	$ 920,617	$ 1,906,092
CME
Derivative Instruments, Gain (Loss) [Line Items]
Notional derivative contracts	$ 850,000
Percent of total notional derivative contracts	92.30%
Amount of variation margin included as settlement	$ (22,000)
LCH
Derivative Instruments, Gain (Loss) [Line Items]
Notional derivative contracts	$ 71,000
Percent of total notional derivative contracts	7.70%
Amount of variation margin included as settlement	$ (1,000)

Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Numerator:
Net income	$ 608,325	$ 581,391	$ 469,014
Preferred stock dividends	18,296	17,705	9,029
Net income attributable to SLM Corporation common stock, diluted	590,029	563,686	459,985
Net income attributable to SLM Corporation common stock, basic	$ 590,029	$ 563,686	$ 459,985
Denominator:
Weighted average shares used to compute basic EPS (in shares)	216,220	231,411	258,439
Effect of dilutive securities:
Dilutive effect of stock options, restricted stock, restricted stock units, performance stock units, and Employee Stock Purchase Plan (“ESPP”) (in shares)	3,714	2,652	3,064
Weighted average shares used to compute diluted EPS (in shares)	219,934	234,063	261,503
Basic earnings per common share (in usd per share)	$ 2.73	$ 2.44	$ 1.78
Diluted earnings per common share (in usd per share)	$ 2.68	$ 2.41	$ 1.76
Antidilutive securities excluded from computation of earnings per share, less than (in shares)	1,000	1,000	1,000

Organization and Business	12 Months Ended
Organization and Business	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business	Organization and Business SLM Corporation (“Sallie Mae,” “SLM,” the “Company,” “we,” “our,” or “us”) is a holding company that operates through a number of subsidiaries and is the premier financial brand for higher education. While the Sallie Mae name has existed for more than 50 years, the company that operates as Sallie Mae today, SLM Corporation, was formed in late 2013 and includes its wholly-owned subsidiary, Sallie Mae Bank, an industrial bank established in 2005 (the “Bank”). On April 30, 2014, we legally separated (the “Spin-Off”) from another public company that is now named Navient Corporation (“Navient”), which is in the education loan management, consolidation loan, and business processing businesses. We are a consumer banking business and did not retain any assets or liabilities generated prior to the Spin-Off other than those explicitly retained by us pursuant to the documents executed in connection with the Spin-Off. We sometimes refer to the company that existed prior to the Spin-Off as “pre-Spin-Off SLM.” Our primary business is to originate and service loans we make to students and their families to finance the cost of their education. We use “Private Education Loans” to mean education loans to students or their families that are not made, insured, or guaranteed by any state or federal government. Private Education Loans do not include loans insured or guaranteed under the previously existing Federal Family Education Loan Program (“FFELP Loans”). The core of our marketing strategy is to generate Private Education Loan originations by promoting our products on campuses through the financial aid offices as well as through online and direct marketing to students and their families. The Bank is regulated by the Utah Department of Financial Institutions (the “UDFI”), the Federal Deposit Insurance Corporation (the “FDIC”), and the Consumer Financial Protection Bureau (the “CFPB”).

Parent Only Statements - Statements of Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Condensed Income Statements, Captions [Line Items]
Interest income	$ 2,619,046	$ 2,592,303	$ 2,031,580
Interest expense	1,138,264	1,030,090	542,799
Net interest loss	1,480,782	1,562,213	1,488,781
Non-interest expenses	641,899	685,570	559,241
Income tax benefit	190,311	196,905	161,711
Net income	608,325	581,391	469,014
Preferred stock dividends	18,296	17,705	9,029
Net income attributable to SLM Corporation common stock	590,029	563,686	459,985
Parent Company
Condensed Income Statements, Captions [Line Items]
Interest income	11,660	9,334	4,084
Interest expense	39,855	39,850	39,860
Net interest loss	(28,195)	(30,516)	(35,776)
Non-interest income (loss)	114	(2,701)	(5,117)
Non-interest expenses	62,696	61,958	55,466
Loss before income tax benefit and equity in net income from subsidiaries	(90,777)	(95,175)	(96,359)
Income tax benefit	(7,117)	(6,942)	(10,351)
Equity in net income from subsidiaries (primarily Sallie Mae Bank)	691,985	669,624	555,022
Net income	608,325	581,391	469,014
Preferred stock dividends	18,296	17,705	9,029
Net income attributable to SLM Corporation common stock	$ 590,029	$ 563,686	$ 459,985

Investments - Amortized Cost and Fair Value of Securities Available for Sale (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 2,042,473	$ 2,563,984
Allowance for credit losses	0	0
Gross Unrealized Gains	8,838	1,306
Gross Unrealized Losses	(118,085)	(153,668)
Available-for-sale investments	1,933,226	2,411,622
Mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	516,358	468,204
Allowance for credit losses	0	0
Gross Unrealized Gains	205	703
Gross Unrealized Losses	(73,235)	(62,480)
Available-for-sale investments	443,328	406,427
Utah Housing Corporation bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,849	3,408
Allowance for credit losses	0	0
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(490)	(279)
Available-for-sale investments	2,359	3,129
U.S. government-sponsored enterprises and Treasuries
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	948,009	1,645,609
Allowance for credit losses	0	0
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(32,265)	(66,870)
Available-for-sale investments	915,744	1,578,739
Other securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	575,257	446,763
Allowance for credit losses	0	0
Gross Unrealized Gains	8,633	603
Gross Unrealized Losses	(12,095)	(24,039)
Available-for-sale investments	$ 571,795	$ 423,327

Derivative Financial Instruments

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

Risk Management Strategy

We maintain an overall interest rate risk management strategy that incorporates the use of derivative instruments to reduce the economic effect of interest rate changes. Our goal is to manage interest rate sensitivity by modifying the repricing frequency and underlying index characteristics of certain balance sheet assets or liabilities so any adverse impacts related to movements in interest rates are managed within low to moderate limits. As a result of interest rate fluctuations, hedged balance sheet positions will appreciate or depreciate in market value or create variability in cash flows. Income or loss on the derivative instruments linked to the hedged item will generally offset the effect of this unrealized appreciation or depreciation or volatility in cash flows for the period the item is being hedged. We view this strategy as a prudent management of interest rate risk.

Although we use derivatives to reduce the risk of interest rate changes, the use of derivatives does expose us to both market and credit risk. Market risk is the chance of financial loss resulting from changes in interest rates and market liquidity. Credit risk is the risk that a counterparty will not perform its obligations under a contract and it is limited to the loss of the fair value gain in a derivative that the counterparty owes us less collateral held and plus collateral posted. When the fair value of a derivative contract less collateral held and plus collateral posted is negative, we owe the counterparty and, therefore, we have no credit risk exposure to the counterparty; however, the counterparty has exposure to us. We minimize the credit risk in derivative instruments by entering into transactions with reputable counterparties that are reviewed regularly by our Credit Department. We also maintain a policy of requiring that all derivative contracts be governed by an International Swaps and Derivatives Association, Inc. Master Agreement. Depending on the nature of the derivative transaction, bilateral collateral arrangements are required as well. When we have more than one outstanding derivative transaction with the counterparty, and there exists legally enforceable netting provisions with the counterparty (i.e., a legal right to offset receivable and payable derivative contracts), the “net” mark-to-market exposure, less collateral held and plus collateral posted, represents exposure with the counterparty. We refer to this as the “net position.” When there is a net negative exposure, we consider our exposure to the counterparty and the net position to be zero.

Title VII of the Dodd-Frank Act requires all standardized derivatives, including most interest rate swaps, to be submitted for clearing to central counterparties to reduce counterparty risk. Two of the central counterparties we use are the CME and the LCH. All variation margin payments on derivatives cleared through the CME and LCH are accounted for as legal settlement. As of December 31, 2024, $850 million notional of our derivative contracts were cleared on the CME and $71 million were cleared on the LCH. The derivative contracts cleared through the CME and LCH represent 92.3 percent and 7.7 percent, respectively, of our total notional derivative contracts of $921 million at December 31, 2024.

For derivatives cleared through the CME and LCH, the net gain (loss) position includes the variation margin amounts as settlement of the derivative and not collateral against the fair value of the derivative. The amount of variation margin included as settlement as of December 31, 2024 was $(22) million and $(1) million for the CME and LCH, respectively. Changes in fair value for derivatives not designated as hedging instruments are presented as realized gains (losses).

Our exposure to the counterparty is limited to the value of the derivative contracts in a gain position less any collateral held and plus any collateral posted. When there is a net negative exposure, we consider our exposure to the counterparty to be zero. At December 31, 2024 and 2023, we had a net positive exposure (derivative gain/loss positions to us, less collateral held by us and plus collateral posted with counterparties) related to derivatives of $5 million and $9 million, respectively.

Accounting for Derivative Instruments

The accounting for derivative instruments requires that every derivative instrument, including certain derivative instruments embedded in other contracts, be recorded on the balance sheet as either an asset or liability measured at fair value. Our derivative instruments are classified and accounted for by us as either fair value hedges or cash flow hedges.

Fair Value Hedges

We generally use fair value hedges to offset the exposure to changes in fair value of a recognized fixed-rate liability. We enter into interest rate swaps to economically convert fixed-rate liabilities into variable-rate liabilities. For fair value hedges, we generally consider all components of the derivative’s gain and/or loss when assessing hedge effectiveness and generally hedge changes in fair values due to interest rates. For fair value hedges, the entire change in the fair value of the hedging instrument included in the assessment of hedge effectiveness is recorded in the same line item in the consolidated statements of income that is used to present the earnings effect of the hedged component of the hedged item.

Cash Flow Hedges

We use cash flow hedges to hedge the exposure to variability in cash flows of floating-rate liabilities. This strategy is used primarily to minimize the exposure to volatility in cash flows from future changes in interest rates. In assessing hedge effectiveness, generally all components of each derivative’s gains or losses are included in the assessment. We hedge exposure to changes in cash flows due to changes in interest rates or total changes in cash flow. For cash flow hedges, the entire change in the fair value of the hedging instrument included in the assessment of hedge effectiveness is recorded in other comprehensive income (loss). Those amounts are subsequently reclassified to earnings, in the same line item in the consolidated statements of income as impacted by the hedged item, when the hedged item affects earnings.

Summary of Derivative Financial Statement Impact

Impact of Derivatives on the Consolidated Balance Sheets


		Cash Flow Hedges				Fair Value Hedges				Trading				Total
As of December 31, (dollars in thousands)		2024		2023		2024		2023		2024		2023		2024		2023
Fair Values(1)	Hedged Risk Exposure

Derivative Assets:(2)
Interest rate swaps	Interest rate	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Derivative Liabilities:(2)
Interest rate swaps	Interest rate	(19)		(339)		(21)		(31)		—		—		(40)		(370)
Total net derivatives		$	(19)	$	(339)	$	(21)	$	(31)	$	—	$	—	$	(40)	$	(370)

(2)The following table reconciles gross positions with the impact of master netting agreements to the balance sheet classification:


As of December 31, (dollars in thousands)	Other Assets				Other Liabilities
	2024		2023		2024		2023
Gross position(1)	$	—	$	—	$	(40)	$	(370)
Impact of master netting agreement	—		—		—		—
Derivative values with impact of master netting agreements (as carried on balance sheet)	—		—		(40)		(370)
Cash collateral pledged(2)	4,879		9,228		—		—
Net position	$	4,879	$	9,228	$	(40)	$	(370)

__________

(1) Gross position amounts include accrued interest and variation margin as legal settlement of the derivative contract.

(2) Cash collateral pledged excludes amounts that represent legal settlement of the derivative contracts.


Notional Values
	Cash Flow				Fair Value				Trading				Total
As of December 31, (dollars in thousands)	2024		2023		2024		2023		2024		2023		2024		2023


Interest rate swaps	$	639,097	$	1,203,783	$	281,520	$	702,309	$	—	$	—	$	920,617	$	1,906,092

Net total notional	$	639,097	$	1,203,783	$	281,520	$	702,309	$	—	$	—	$	920,617	$	1,906,092

As of December 31, 2024 and 2023, the following amounts were recorded on the consolidated balance sheet related to cumulative basis adjustments for fair value hedges:


As of December 31, (dollars in thousands) Line Item in the Balance Sheet in Which the Hedged Item is Included:	Carrying Amount of the Hedged Assets/(Liabilities)				Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities)
	2024		2023		2024		2023

Deposits	$	(279,908)	$	(689,137)	$	1,420	$	12,910

Impact of Derivatives on the Consolidated Statements of Income


Years Ended December 31, (dollars in thousands)	2024		2023		2022

Fair Value Hedges
Interest rate swaps:
Interest recognized on derivatives	$	(15,278)	$	(26,054)	$	16,308
Hedged items recorded in interest expense	(11,490)		(18,350)		82,043
Derivatives recorded in interest expense	11,554		18,487		(82,063)
Total	$	(15,214)	$	(25,917)	$	16,288

Cash Flow Hedges
Interest rate swaps:
Amount of gain (loss) reclassified from accumulated other comprehensive income into interest expense	$	41,221	$	47,810	$	3,658
Total	$	41,221	$	47,810	$	3,658

Trading
Interest rate swaps:
Change in fair value of future interest payments recorded in earnings	$	—	$	—	$	(248)
Total	—		—		(248)
Total	$	26,007	$	21,893	$	19,698

Impact of Derivatives on the Statements of Changes in Stockholders’ Equity


Years Ended December 31, (dollars in thousands)	2024		2023		2022
Amount of gain (loss) recognized in other comprehensive income (loss)	$	10,827	$	13,353	$	97,389
Less: Amount of gain (loss) reclassified in interest expense	41,221		47,810		3,658
Total change in other comprehensive income (loss) for unrealized gains (losses) on derivatives, before income tax (expense) benefit	$	(30,394)	$	(34,457)	$	93,731

Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on our variable-rate deposits. During the next twelve months, we estimate $21 million will be reclassified as a decrease to interest expense.

Cash Collateral

As of December 31, 2024, cash collateral held and pledged excludes amounts that represent legal settlement of the derivative contracts held with the CME and LCH. There was no cash collateral held by us related to derivative exposure between us and our derivatives counterparties at December 31, 2024 and 2023, respectively. Collateral held is recorded in “Other Liabilities” on the consolidated balance sheets. Cash collateral pledged by us related to derivative exposure between us and our derivatives counterparties was $5 million and $9 million at December 31, 2024 and 2023, respectively. Collateral pledged is recorded in “Other interest-earning assets” on the consolidated balance sheets.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 608,325	$ 581,391	$ 469,014
Other comprehensive income:
Unrealized gains (losses) on investments	42,604	59,205	(194,157)
Unrealized gains (losses) on cash flow hedges	(30,394)	(34,457)	93,731
Total unrealized gains (losses)	12,210	24,748	(100,426)
Income tax (expense) benefit	(2,967)	(5,982)	24,453
Other comprehensive income (loss), net of tax (expense) benefit	9,243	18,766	(75,973)
Total comprehensive income	$ 617,568	$ 600,157	$ 393,041

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

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Amount before tax, after reclassification adjustments of other comprehensive income (loss).

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+ Details

Premises and Equipment, Net -Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Depreciation of premises and equipment	$ 17,652	$ 17,811	$ 17,331

Fair Value Measurements - Valuation of Financial Instruments that are Marked-to-Market on Recurring Basis (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Assets:
Trading investments	$ 53,262	$ 54,481
Available-for-sale investments	1,933,226	2,411,622
Derivative instruments	$ 0	$ 0
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Liabilities:
Derivative instruments	$ (40)	$ (370)
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Fair Value Measurements Recurring
Assets:
Trading investments	$ 53,262	$ 54,481
Available-for-sale investments	1,933,226	2,411,622
Derivative instruments	0	0
Total	1,986,488	2,466,103
Liabilities:
Derivative instruments	(40)	(370)
Fair Value Measurements Recurring \| Level 1
Assets:
Trading investments	0	0
Available-for-sale investments	0	0
Derivative instruments	0	0
Total	0	0
Liabilities:
Derivative instruments	0	0
Fair Value Measurements Recurring \| Level 2
Assets:
Trading investments	0	0
Available-for-sale investments	1,930,537	2,411,622
Derivative instruments	0	0
Total	1,930,537	2,411,622
Liabilities:
Derivative instruments	(40)	(370)
Fair Value Measurements Recurring \| Level 3
Assets:
Trading investments	53,262	54,481
Available-for-sale investments	2,689	0
Derivative instruments	0	0
Total	55,951	54,481
Liabilities:
Derivative instruments	$ 0	$ 0

Fair Value Measurements

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

We use estimates of fair value in applying various accounting standards for the consolidated financial statements.

We categorize our fair value estimates based on a hierarchical framework associated with three levels of price transparency utilized in measuring financial instruments at fair value. For additional information regarding our policies for determining fair value and the hierarchical framework, see Note 2, “Significant Accounting Policies — Fair Value Measurement” in this Form 10-K.

The following table summarizes the valuation of our financial instruments that are marked-to-fair value on a recurring basis.


	Fair Value Measurements on a Recurring Basis
	2024								2023
As of December 31, (dollars in thousands)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:

Trading investments	$	—	$	—	$	53,262	$	53,262	$	—	$	—	$	54,481	$	54,481
Available-for-sale investments	—		1,930,537		2,689		1,933,226		—		2,411,622		—		2,411,622
Derivative instruments	—		—		—		—		—		—		—		—
Total	$	—	$	1,930,537	$	55,951	$	1,986,488	$	—	$	2,411,622	$	54,481	$	2,466,103

Liabilities:
Derivative instruments	$	—	$	(40)	$	—	$	(40)	$	—	$	(370)	$	—	$	(370)
Total	$	—	$	(40)	$	—	$	(40)	$	—	$	(370)	$	—	$	(370)

The following table summarizes the change in balance sheet carrying value associated with level 3 financial instruments carried at fair value on a recurring basis.


	2024						2023
	Investments						Investments
Years ended December 31, (dollars in thousands)	Available For Sale - Debt Securities		Trading - Residual Interests		Total		Available For Sale - Debt Securities		Trading - Residual Interests		Total
Balance, beginning of period	$	—	$	54,481	$	54,481	$	—	$	50,786	$	50,786
Total gains/(losses):
Included in earnings (or changes in net assets)(1)	20		478		498		—		2,721		2,721
Included in other comprehensive income	80		—		80		—		—		—
Settlements	2,589		(1,697)		892		—		974		974
Transfers into level 3	—		—		—		—		—		—
Transfers out of level 3	—		—		—		—		—		—
Balance, end of period	$	2,689	$	53,262	$	55,951	$	—	$	54,481	$	54,481

Change in unrealized gains (losses) for the period included in other comprehensive income for assets held at the end of the reporting period	$	80	$	—	$	80	$	—	$	—	$	—
Change in unrealized gains (losses) for the period included in earnings (or changes in net assets) for assets held at the end of the reporting period(2)	$	—	$	478	$	478	$	—	$	2,721	$	2,721

(1) Included in earnings (or changes in net assets) is comprised of the amounts recorded in the specified line item in the consolidated statements of income:


Years Ended December 31, (dollars in thousands)
	2024		2023
Interest Income - Investments	$	20	$	—
Gains (losses) on securities, net	478		2,721
Total	$	498	$	2,721

(2) Recorded in "gains (losses) on securities, net" in the consolidated statements of income.

The following table presents the significant unobservable inputs used in the recurring valuations of the level 3 financial instruments detailed above.

As of December 31, 2024
(dollars in thousands)

Fair Value

Valuation Technique

Unobservable Input

Range (Average)

Debt Securities

2,689

Discounted cash flow

Constant Prepayment Rate

6.9%-11.0% (8.3%)

Probability of default

4.0%-17.0% (11.5%)

Residual Interests

53,262

Discounted cash flow

Constant Prepayment Rate

6.9%-11.0% (8.3%)

Probability of default

4.0%-17.0% (11.5%)

Total

55,951

The significant inputs detailed in the above table would be expected to have the following impacts to the valuations:

•A decrease in CPR would result in a longer weighted average life of the trust, resulting in a decrease to the valuation due to the delay in residual cash flows with the increased term. The opposite is true for an increase in the CPR.

•A decrease in the probability of defaults means increased principal receipts, resulting in an increase to the valuation due to the increase in residual cash flow.

•Conversely, an increase in the probability of defaults means decreased principal receipts, resulting in a decrease to the valuation due to the decrease in residual cash flow.

The following table summarizes the fair values of our financial assets and liabilities, including derivative financial instruments.


As of December 31, (dollars in thousands)	2024						2023
	Fair Value		Carrying Value		Difference		Fair Value		Carrying Value		Difference
Earning assets:
Loans held for investment, net:
Private Education Loans	$	24,110,381	$	20,902,158	$	3,208,223	$	22,229,045	$	19,772,293	$	2,456,752
FFELP Loans	—		—		—		542,775		534,064		8,711


Cash and cash equivalents	4,700,366		4,700,366		—		4,149,838		4,149,838		—
Trading investments	53,262		53,262		—		54,481		54,481		—
Available-for-sale investments	1,933,226		1,933,226		—		2,411,622		2,411,622		—
Accrued interest receivable	1,663,474		1,546,590		116,884		1,448,766		1,379,904		68,862

Derivative instruments	—		—		—		—		—		—
Total earning assets	$	32,460,709	$	29,135,602	$	3,325,107	$	30,836,527	$	28,302,202	$	2,534,325
Interest-bearing liabilities:
Money-market and savings accounts	$	10,503,731	$	10,526,324	$	22,593	$	11,134,883	$	11,203,292	$	68,409
Certificates of deposit	10,593,666		10,540,428		(53,238)		10,380,684		10,448,365		67,681

Long-term borrowings	6,323,384		6,440,345		116,961		4,873,690		5,227,512		353,822
Accrued interest payable	108,488		108,488		—		105,066		105,066		—
Derivative instruments	40		40		—		370		370		—
Total interest-bearing liabilities	$	27,529,309	$	27,615,625	$	86,316	$	26,494,693	$	26,984,605	$	489,912

Excess of net asset fair value over carrying value					$	3,411,423					$	3,024,237

The methods and assumptions used to estimate the fair value of each class of financial instruments are as follows:

Cash and Cash Equivalents

Cash and cash equivalents are carried at cost. Carrying value approximated fair value for disclosure purposes. These are level 1 valuations.

Investments

Trading

Investments classified as trading are carried at fair value in the consolidated financial statements. Investments in residual class interests are valued using observable inputs in the cash flow modeling where available, but many significant inputs are unobservable. Residual interests are not exchange traded nor do they have quoted market prices, as they are unique and do not actively trade. As such, these are level 3 valuations.

Available-for-Sale

Investments classified as available-for-sale are carried at fair value in the consolidated financial statements. Investments in mortgage-backed securities, U.S. government-sponsored enterprises and Treasury securities, and Utah Housing Corporation bonds are valued using observable market prices of similar assets. As such, these are level 2 valuations. The fair value of most of our non-residual vertical risk retention investments is estimated using pricing indications obtained from the investment bankers who participate in the asset-backed securities market. As such, these

are level 2 valuations. Where we are unable to obtain pricing indications for our non-residual vertical risk retention investments, we classify them as level 3 valuations.

Loans Held For Investment and Accrued Interest Receivable

Private Education Loans

For Private Education Loans, fair value was determined by using observable quoted prices for similar assets in our most recent market transactions. Adjustments were then made to account for the value of loans in our portfolio that have materially different characteristics than those included in the most recent market transaction. These are considered level 2 valuations. A portion of the fair value that has been modeled is attributable to accrued interest receivable that has not yet been capitalized, and has been allocated to the accrued interest receivable line item. The remaining accrued interest receivable that will not be capitalized into the principal balance of the loan is carried at cost.

FFELP Loans

During the third quarter of 2024, we transferred our FFELP Loan portfolio to loans held for sale as we planned to sell our FFELP Loan portfolio. At that time, we wrote down this loan portfolio to its estimated fair value through an adjustment to the allowance for credit losses of $8 million. We subsequently sold the FFELP Loan portfolio to a third party during the fourth quarter of 2024.

For FFELP Loans, the fair value was determined by modeling expected loan level cash flows using stated terms of the assets and internally developed assumptions to determine aggregate portfolio yield, net present value, and average life. The significant assumptions used to determine fair value are prepayment speeds, default rates, cost of funds, and required return on equity. Significant inputs into the model are not observable. However, we do calibrate the model based on market transactions when appropriate. As such, these are level 3 valuations.

Money Market and Savings Accounts

Some of our MMDAs are fixed-rate deposits that are subject to minimum balances for a specified period of time. The fair values of these deposits are estimated using discounted cash flows based on rates currently offered for deposits of similar maturities. These are level 2 valuations. The fair values of our remaining money market and savings accounts equal the amounts payable on demand at the balance sheet date and are reported at their carrying value. These are level 1 valuations.

Certificates of Deposit

The fair values of CDs are estimated using discounted cash flows based on rates currently offered for deposits of similar remaining maturities. These are level 2 valuations.

Accrued Interest Payable

Accrued interest payable is carried at cost. The carrying value approximates fair value due to its short-term nature. This is a level 1 valuation.

Borrowings

Borrowings are accounted for at cost in the consolidated financial statements. The carrying value of short-term borrowings approximated fair value for disclosure purposes, due to the short-term nature of those borrowings. This is a level 1 valuation. The fair value of long-term secured borrowings is estimated using pricing indications obtained from the investment bankers who participate in the asset-backed securities market. The fair value of our long-term unsecured borrowings is sourced from a third-party pricing service.These are level 2 valuations.

Derivatives

All derivatives are accounted for at fair value in the consolidated financial statements. The fair value of derivative financial instruments was determined by a standard derivative pricing and option model using the stated terms of the contracts and observable market inputs. It is our policy to compare the derivative fair values to those received from our counterparties in order to evaluate the model’s outputs.

When determining the fair value of derivatives, we take into account counterparty credit risk for positions where we are exposed to the counterparty on a net basis by assessing exposure net of collateral held. When the counterparty has exposure to us under derivative contracts with the Company, we fully collateralize the exposure (subject to certain thresholds).

Interest rate swaps are valued using a standard derivative cash flow model with a SOFR swap yield curve, which is an observable input from an active market. These derivatives are level 2 fair value estimates in the hierarchy.

The carrying value of borrowings designated as the hedged item in a fair value hedge is adjusted for changes in fair value due to changes in the benchmark interest rate (SOFR). These valuations are determined through standard pricing models using the stated terms of the borrowings and observable yield curves.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Interest income:
Loans	$ 2,314,417	$ 2,327,743	$ 1,914,554
Investments	61,412	50,810	35,304
Cash and cash equivalents	243,217	213,750	81,722
Total interest income	2,619,046	2,592,303	2,031,580
Interest expense:
Deposits	881,456	808,065	368,914
Interest expense on short-term borrowings	13,815	13,501	11,956
Interest expense on long-term borrowings	242,993	208,524	161,929
Total interest expense	1,138,264	1,030,090	542,799
Net interest income	1,480,782	1,562,213	1,488,781
Less: provisions for credit losses	408,515	345,463	633,453
Net interest income after provisions for credit losses	1,072,267	1,216,750	855,328
Non-interest income:
Gains on sales of loans, net	254,928	160,290	327,750
Gains (losses) on securities, net	467	2,678	(60,267)
Losses on derivatives and hedging activities, net	0	0	(5)
Other income	112,873	84,148	67,160
Total non-interest income	368,268	247,116	334,638
Operating expenses:
Compensation and benefits	349,387	326,554	270,354
FDIC assessment fees	51,606	45,766	20,939
Other operating expenses	235,577	246,886	260,169
Total operating expenses	636,570	619,206	551,462
Acquired intangible assets impairment and amortization expense	5,329	66,364	7,779
Total non-interest expenses	641,899	685,570	559,241
Income before income tax expense	798,636	778,296	630,725
Income tax expense	190,311	196,905	161,711
Net income	608,325	581,391	469,014
Preferred stock dividends	18,296	17,705	9,029
Net income attributable to SLM Corporation common stock	$ 590,029	$ 563,686	$ 459,985
Basic earnings per common share (in usd per share)	$ 2.73	$ 2.44	$ 1.78
Average common shares outstanding (in shares)	216,220	231,411	258,439
Diluted earnings per common share (in usd per share)	$ 2.68	$ 2.41	$ 1.76
Average common and common equivalent shares outstanding (in shares)	219,934	234,063	261,503
Declared dividends per common share (in dollars per share)	$ 0.46	$ 0.44	$ 0.44

Regulatory Capital - Narrative (Details) - USD ($) $ in Thousands		12 Months Ended
	Jan. 01, 2020	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Allowance for credit losses on loans and leases		$ 1,435,920	$ 1,339,772	$ 1,357,075	$ 1,165,335
Liability for unfunded commitments		84,568	112,962	124,924	$ 72,713
Deferred tax asset		465,379	433,581
Unrealized gain (loss)		(83,000)	(115,000)
Gain (loss) OCI after adjustment tax		(27,000)	(37,000)
Dividends		$ 570,000	$ 550,000	$ 700,000
Accounting Standards Update 2016-13
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Period of deferment	2 years
Amount deferred	25.00%
Allowance for credit losses on loans and leases	$ 1,100,000
Liability for unfunded commitments	116,000
Deferred tax asset	306,000
Reduction to retained earnings	$ 953,000

Premises and Equipment, Net

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Premises and Equipment, net

The following is a summary of our premises and equipment.


As of December 31, (dollars in thousands)	2024		2023
Land and land improvements	$	12,356	$	12,356
Buildings and leasehold improvements	124,568		122,301
Furniture, fixtures, and equipment	35,519		34,068
Software	115,132		106,422
Premises and equipment, gross	287,575		275,147
Accumulated depreciation	(168,221)		(145,646)
Premises and equipment, net	$	119,354	$	129,501

Depreciation expense for premises and equipment was $18 million, $18 million, and $17 million for the years ended December 31, 2024, 2023, and 2022, respectively.

Significant Accounting Policies - Deposits (Details)	12 Months Ended
Significant Accounting Policies - Deposits (Details)	Dec. 31, 2024
Accounting Policies [Abstract]
Period of notification for withdrawal of deposits (less than or equal to)	7 days

Investments - Gross Unrealized Losses and Fair Value for Mortgage-Backed in Unrealized Loss Position (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Less than 12 months
Gross Unrealized Losses	$ (2,797)	$ (2,752)
Estimated Fair Value	149,164	142,116
12 months or more
Gross Unrealized Losses	(115,288)	(150,916)
Estimated Fair Value	1,390,575	2,123,439
Total
Gross Unrealized Losses	(118,085)	(153,668)
Estimated Fair Value	1,539,739	2,265,555
Mortgage-backed securities
Less than 12 months
Gross Unrealized Losses	(2,723)	(531)
Estimated Fair Value	137,585	51,391
12 months or more
Gross Unrealized Losses	(70,512)	(61,949)
Estimated Fair Value	290,257	300,318
Total
Gross Unrealized Losses	(73,235)	(62,480)
Estimated Fair Value	427,842	351,709
Utah Housing Corporation bonds
Less than 12 months
Gross Unrealized Losses	0	0
Estimated Fair Value	0	0
12 months or more
Gross Unrealized Losses	(490)	(279)
Estimated Fair Value	2,359	3,129
Total
Gross Unrealized Losses	(490)	(279)
Estimated Fair Value	2,359	3,129
U.S. government-sponsored enterprises and Treasuries
Less than 12 months
Gross Unrealized Losses	0	0
Estimated Fair Value	0	0
12 months or more
Gross Unrealized Losses	(32,265)	(66,870)
Estimated Fair Value	915,744	1,578,739
Total
Gross Unrealized Losses	(32,265)	(66,870)
Estimated Fair Value	915,744	1,578,739
Other securities
Less than 12 months
Gross Unrealized Losses	(74)	(2,221)
Estimated Fair Value	11,579	90,725
12 months or more
Gross Unrealized Losses	(12,021)	(21,818)
Estimated Fair Value	182,215	241,253
Total
Gross Unrealized Losses	(12,095)	(24,039)
Estimated Fair Value	$ 193,794	$ 331,978

Deposits (Tables)

12 Months Ended

Dec. 31, 2024

Deposits [Abstract]

Schedule of Deposits

The following table summarizes total deposits at December 31, 2024 and 2023.


As of December 31, (dollars in thousands)	2024		2023
Deposits - interest-bearing	$	21,066,752	$	21,651,657
Deposits - non-interest-bearing	1,816		1,531
Total deposits	$	21,068,568	$	21,653,188

Schedule of Interest Bearing Deposits

Interest bearing deposits at December 31, 2024 and 2023 are summarized as follows:


	2024				2023
As of December 31, (dollars in thousands)	Amount		Year-End Weighted Average Stated Rate(1)		Amount		Year-End Weighted Average Stated Rate(1)

Money market	$	9,582,290	4.27	%	$	10,258,292	4.85	%
Savings	944,034		4.02		945,000		4.35
Certificates of deposit	10,540,428		4.20		10,448,365		3.69
Deposits - interest-bearing	$	21,066,752			$	21,651,657

(1) Includes the effect of interest rate swaps in effective hedge relationships.

Schedule of Maturities of Time Deposits

Certificates of deposit remaining maturities are summarized as follows:


As of December 31, (dollars in thousands)	2024		2023
One year or less	$	6,569,872	$	3,937,766
After one year to two years	2,074,849		4,112,902
After two years to three years	986,262		1,881,371
After three years to four years	189,421		327,295
After four years to five years	720,005		188,802
After five years	19		229
Total	$	10,540,428	$	10,448,365

Borrowings - Summary of Exposure Related to Unconsolidated VIEs (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Estimated Fair Value	$ 1,933,226	$ 2,411,622
Liability for unfunded commitments	84,568	112,962	$ 124,924	$ 72,713
Variable Interest Entity, Not Primary Beneficiary \| Private Education Loan term securitizations:
Debt Instrument [Line Items]
Estimated Fair Value	571,795	423,327
Equity Interests	53,262	54,481
Liability for unfunded commitments	$ 625,057	$ 477,808

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Borrowings - Financing VIEs (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Debt Outstanding
Short-Term	$ 0	$ 0
Long-Term	6,440,345	5,227,512
Total	6,440,345	5,227,512
Carrying Amount of Net Assets Securing Debt Outstanding
Restricted Cash	173,894	149,669	$ 156,719
Other Assets, Net	36,846	52,342
Total	30,072,110	29,169,468
Variable Interest Entity, Primary Beneficiary
Debt Outstanding
Short-Term	0	0
Long-Term	5,444,925	4,235,312
Total	5,444,925	4,235,312
Carrying Amount of Net Assets Securing Debt Outstanding
Loans	6,786,390	5,539,964
Restricted Cash	173,892	149,412
Other Assets, Net	418,803	303,753
Total	7,379,085	5,993,129
Variable Interest Entity, Primary Beneficiary \| Private Education Loan term securitizations:
Debt Outstanding
Short-Term	0	0
Long-Term	5,444,925	4,235,312
Total	5,444,925	4,235,312
Carrying Amount of Net Assets Securing Debt Outstanding
Loans	6,786,390	5,539,964
Restricted Cash	173,892	149,412
Other Assets, Net	418,705	303,653
Total	7,378,987	5,993,029
Variable Interest Entity, Primary Beneficiary \| Fixed-rate borrowings
Debt Outstanding
Short-Term	0	0
Long-Term	0	0
Total	0	0
Carrying Amount of Net Assets Securing Debt Outstanding
Loans	0	0
Restricted Cash	0	0
Other Assets, Net	98	100
Total	$ 98	$ 100

Loans Held for Investment -Narrative (Details)	9 Months Ended	12 Months Ended
Loans Held for Investment -Narrative (Details)	Sep. 30, 2024 USD ($)	Dec. 31, 2024 USD ($) payment	Dec. 31, 2023 USD ($)
Finance Receivable Transferred To Held For Sale [Line Items]
Percent of private loans indexed to LIBOR or SOFR		23.00%	33.00%
Estimated weighted average life of student loans		5 years 7 months 6 days	5 years
Maximum amount of forbearance granted		12 months
Period of positive payment performance required by a borrower between successive grants of forbearance		12 months
Number of payments required by a borrower between successive grants of forbearance \| payment		12
Period that delinquent borrowers can participate in certain short-term interest-only payment alternatives, option one		12 months
Period that delinquent borrowers can participate in certain short-term interest-only payment alternatives, option two		5 years
Interest rate reduction		2.00%
Period of loans past due that have accrued interest		90 days	90 days
Loans in nonaccrual status		$ 0	$ 0
Percentage of loans concentrated in major states		43.80%	43.50%
Percentage of aggregate outstanding loans held for investment		5.00%
Credit Cards
Finance Receivable Transferred To Held For Sale [Line Items]
Gain (loss) on sale of financing receivable	$ (8,000,000)		$ (4,000,000)
Private Education Loans
Finance Receivable Transferred To Held For Sale [Line Items]
Ninety or more days delinquent		$ 142,000,000	151,000,000
Loans pledged to borrower in custody		2,300,000,000	1,400,000,000
FFELP Loans
Finance Receivable Transferred To Held For Sale [Line Items]
Charge-off		$ 8,000,000
Ninety or more days delinquent			$ 45,000,000
Maximum
Finance Receivable Transferred To Held For Sale [Line Items]
Increments in which forbearance is granted		2 months
Interest rate offered to borrowers facing financial difficulty		8.00%
Interest rate offered to borrowers facing financial difficulty, duration		4 years
Minimum
Finance Receivable Transferred To Held For Sale [Line Items]
Increments in which forbearance is granted		1 month
Interest rate offered to borrowers facing financial difficulty		2.00%
Interest rate offered to borrowers facing financial difficulty, duration		2 years

Borrowings (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of Secured Borrowings

The following table summarizes our secured borrowings at December 31, 2024 and 2023.


As of December 31, (dollars in thousands)	2024						2023
	Short-Term		Long-Term		Total		Short-Term		Long-Term		Total
Unsecured borrowings:
Unsecured debt (fixed-rate)	$	—	$	995,420	$	995,420	$	—	$	992,200	$	992,200
Total unsecured borrowings	—		995,420		995,420		—		992,200		992,200

Secured borrowings:
Private Education Loan term securitizations:
Fixed-rate	—		4,617,743		4,617,743		—		3,585,254		3,585,254
Variable-rate	—		827,182		827,182		—		650,058		650,058
Total Private Education Loan term securitizations	—		5,444,925		5,444,925		—		4,235,312		4,235,312
Secured Borrowing Facility	—		—		—		—		—		—
Total secured borrowings	—		5,444,925		5,444,925		—		4,235,312		4,235,312
Total	$	—	$	6,440,345	$	6,440,345	$	—	$	5,227,512	$	5,227,512

Schedule of Long-term Borrowings


	December 31, 2024				Year Ended December 31, 2024		December 31, 2023				Year Ended December 31, 2023
(Dollars in thousands)	Ending Balance		Weighted Average Interest Rate		Average Balance		Ending Balance		Weighted Average Interest Rate		Average Balance
Long-term borrowings:
Floating-rate borrowings	$	827,182	5.71	%	$	724,761	$	650,058	6.51	%	$	715,409
Fixed-rate borrowings	5,613,163		4.09		4,864,359		4,577,454		3.52		4,605,806
Total long-term borrowings	$	6,440,345	4.30	%	$	5,589,120	$	5,227,512	3.89	%	$	5,321,215

Schedule of Maturities of Long-term Debt

As of December 31, 2024, the maturities of our brokered CDs and borrowings are summarized below.


As of December 31, 2024 (dollars in thousands)	Brokered CDs		Unsecured Debt		Secured Borrowings(1)		Total

2025	$	2,763,401	$	498,897	$	823,843	$	4,086,141
2026	1,824,607		496,523		840,927		3,162,057
2027	783,061		—		823,320		1,606,381
2028	146,282		—		642,798		789,080
2029	683,748		—		568,779		1,252,527
2030 and after	—		—		1,764,900		1,764,900
	6,201,099		995,420		5,464,567		12,661,086
Hedge accounting adjustments	(241)		—		—		(241)
Total	$	6,200,858	$	995,420	$	5,464,567	$	12,660,845

Schedule of Securities Financing Transactions

Secured Financing Transactions


SMB Private Education Loan Trust	Date Closed	Loans Transferred to the Trust(1)		Notes Issued		Gross Proceeds		Weighted Average Cost of Funds(2)	Weighted Average Life of Class A and Class B Notes (in years)
(Dollars in thousands)

















2023-A ABS Transaction	March 15, 2023	$	644,573	$	579,000	$	571,910	SOFR plus 1.53%	5.06
2023-C ABS Transaction	August 16, 2023	647,934		568,000		567,881		SOFR plus 1.69%	4.93
Total 2023		$	1,292,507	$	1,147,000	$	1,139,791

2024-C ABS Transaction	May 15, 2024	$	733,644	$	668,000	$	667,888	SOFR plus 1.19%	5.36
2024-E ABS Transaction	August 14, 2024	944,645		868,000		867,743		SOFR plus 1.42%	5.17
2024-F ABS Transaction	November 6, 2024	732,445		680,000		679,981		SOFR plus 1.08%	5.09
Total 2024		$	2,410,734	$	2,216,000	$	2,215,612


SMB Private Education Loan Trust	Loan Principal		Capitalized Interest		Total Loans
(Dollars in thousands)
2023-A ABS Transaction	$	484,551	$	32,856	$	517,407
2023-C ABS Transaction	516,507		35,287		551,794
Total 2023	$	1,001,058	$	68,143	$	1,069,201

2024-C ABS Transaction	$	646,550	$	52,968	$	699,518
2024-E ABS Transaction	841,355		69,238		910,593
2024-F ABS Transaction	662,361		55,131		717,492
Total 2024	$	2,150,266	$	177,337	$	2,327,603

(2)Represents SOFR equivalent cost of funds for variable and fixed-rate bonds, excluding issuance costs.

The following summarizes our Private Education Loan ABS transactions closed in 2023 and 2024 where the respective VIEs were not consolidated.


SMB Private Education Loan Trust	Date Closed	Loans Transferred to the Trust by Third-Party Seller		Date Third-Party Seller Previously Purchased Loans from the Bank	Additional Loans the Bank Transferred to the Trust(1)		Gain on Sale for Additional Loans Transferred by Bank
(Dollars in thousands)
2023-B ABS transaction(2)	May 24, 2023	$	1,988,277	May 3, 2023	$	104,743	$	5,391
2023-D ABS transaction(2)	November 7, 2023	995,184		October 13, 2023	52,572		1,570
2024-A ABS transaction(2)	March 13, 2024	1,988,248		February 1, 2024	104,748		6,685
2024-R1 ABS transaction(3)	April 9, 2024	68,896		n/a	—		—
2024-B ABS transaction(2)	April 11, 2024	191,445		March 6, 2020 and November 17, 2021	10,132		35
2024-D ABS transaction(2)	June 28, 2024	1,494,953		May 23, 2024	78,782		$	6,051

(1)The transfer of such additional loans qualified for sale treatment and removed these loans from our balance sheet on the settlement date of the transaction.

(2)Sallie Mae Bank sponsored the transaction and is the servicer and administrator.

Schedule of Variable Interest Entities

We consolidate our financing entities that are VIEs as a result of our being the entities’ primary beneficiary. As a result, these financing VIEs are accounted for as secured borrowings.


As of December 31, 2024 (dollars in thousands)
	Debt Outstanding						Carrying Amount of Net Assets Securing Debt Outstanding
	Short-Term		Long-Term		Total		Loans		Restricted Cash		Other Assets, Net(1)		Total
Secured borrowings:
Private Education Loan term securitizations	$	—	$	5,444,925	$	5,444,925	$	6,786,390	$	173,892	$	418,705	$	7,378,987
Secured Borrowing Facility	—		—		—		—		—		98		98
Total	$	—	$	5,444,925	$	5,444,925	$	6,786,390	$	173,892	$	418,803	$	7,379,085


As of December 31, 2023 (dollars in thousands)
	Debt Outstanding						Carrying Amount of Net Assets Securing Debt Outstanding
	Short-Term		Long-Term		Total		Loans		Restricted Cash		Other Assets, Net(1)		Total
Secured borrowings:
Private Education Loan term securitizations	$	—	$	4,235,312	$	4,235,312	$	5,539,964	$	149,412	$	303,653	$	5,993,029
Secured Borrowing Facility	—		—		—		—		—		100		100
Total	$	—	$	4,235,312	$	4,235,312	$	5,539,964	$	149,412	$	303,753	$	5,993,129

(1) Other assets, net primarily represents accrued interest receivable and payable.

The table below provides a summary of our exposure related to our unconsolidated VIEs.


	2024						2023
As of December 31, (dollars in thousands)	Debt Interests(1)		Equity Interests(2)		Total Exposure		Debt Interests(1)		Equity Interests(2)		Total Exposure
Private Education Loan term securitizations	$	571,795	$	53,262	$	625,057	$	423,327	$	54,481	$	477,808

(1) Vertical risk retention interest classified as available-for-sale investment.

(2) Vertical risk retention interest classified as trading investment.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Cover Page - USD ($) $ in Billions	12 Months Ended
Cover Page - USD ($) $ in Billions	Dec. 31, 2024	Jan. 31, 2025	Jun. 28, 2024
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-13251
Entity Registrant Name	SLM Corp
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	52-2013874
Entity Address, Address Line One	300 Continental Drive
Entity Address, City or Town	Newark,
Entity Address, State or Province	DE
Entity Address, Postal Zip Code	19713
City Area Code	302
Local Phone Number	451-0200
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 4.5
Entity Common Stock, Shares Outstanding		210,423,462
Documents Incorporated by Reference	Portions of the definitive proxy statement on Schedule 14A relating to the Registrant’s 2025 Annual Meeting of Stockholders are incorporated by reference into Parts II and III of this Annual Report on Form 10-K.
Auditor Name	KPMG LLP
Auditor Location	McLean, Virginia
Auditor Firm ID	185
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Entity Central Index Key	0001032033
Common stock, par value $.20 per share
Document Information [Line Items]
Title of 12(b) Security	Common stock, par value $.20 per share
Trading Symbol	SLM
Security Exchange Name	NASDAQ
Floating Rate Non-Cumulative Preferred Stock, Series B, par value $.20 per share
Document Information [Line Items]
Title of 12(b) Security	Floating Rate Non-Cumulative Preferred Stock, Series B, par value $.20 per share
Trading Symbol	SLMBP
Security Exchange Name	NASDAQ

Stock-Based Compensation Plans and Arrangements

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation Plans and Arrangements

Plan Summaries

As of December 31, 2024, we had one active stock-based compensation plan that provides for grants of equity awards to our employees and non-employee directors.

The SLM Corporation 2021 Omnibus Incentive Plan was approved by shareholders on June 8, 2021, and at December 31, 2024, 14 million shares were authorized to be issued from this plan.

We also maintain an Employee Stock Purchase Plan (the “ESPP”). The number of shares authorized under the plan at December 31, 2024 was 14 million shares.

Shares issued under these stock-based compensation plans may be either shares reacquired by us or shares that are authorized but unissued.

Stock-Based Compensation

The total stock-based compensation cost recognized in the consolidated statements of income for the years ended December 31, 2024, 2023, and 2022 was $40 million, $36 million, and $34 million, respectively. As of December 31, 2024, there was $23 million of total unrecognized compensation expense related to unvested restricted stock awards, restricted stock units, performance stock units, and ESPP awards, which is expected to be recognized over a weighted average period of 1.5 years. We amortize compensation expense on a straight-line basis over the related vesting periods of each tranche of each award.

Stock Options

There were 86,536 time-vested options granted in the year ended December 31, 2022. The options were granted to team members of an acquisition that took place in the first half of the year in 2022. The exercise price of the options is equal to 100 percent of the fair market value of a share of our common stock as of the grant date. The options will vest 100 percent on the third anniversary of the respective grant date and expire ten years after the respective grant date. The fair value of each stock option grant was estimated on the date of grant using a Black-Scholes option pricing model. The expected volatility of our common stock at the date of grant is estimated based on a historic volatility rate and the expected option life is calculated based on historical stock option experience as the best estimate of future exercise patterns. The dividend yield assumption is based on historical and anticipated dividend payouts. The risk-free interest rate assumption is based on observed interest rates consistent with the expected life of each stock option grant.

There were no stock options granted in the years ended December 31, 2023 and 2024.

The following table summarizes stock option activity for the year ended December 31, 2024.


(Dollars in thousands, shares and per share amounts in actuals)	Number of Options	Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value(1)
Outstanding at December 31, 2023	1,066,197	$	17.59
Granted	—	—
Exercised(2)(3)	(65,668)	17.65
Canceled	—	—
Outstanding at December 31, 2024(4)	1,000,529	$	17.59	6.2 years	$	9,997
Exercisable at December 31, 2024	933,223	$	17.65	6.1 years	$	9,267

(1)The aggregate intrinsic value represents the total intrinsic value (the aggregate difference between our closing stock price on December 31, 2024 and the exercise price of in-the-money options) that would have been received by the option holders if all in-the-money options had been exercised on December 31, 2024.

(2)The total intrinsic value of the options exercised was $0.3 million for the year ended December 31, 2024. No options were exercised in the years ended December 31, 2023 and 2022.

(3)Cash of $1 million was received from option exercises for the year ended December 31, 2024. The actual tax benefit realized for the tax deductions from option exercises totaled less than $1 million for the year ended December 31, 2024.

(4)For net-settled options, gross number is reflected.

Restricted Stock

Restricted stock awards generally vest over one year. Outstanding restricted stock is entitled to dividend equivalent units that vest subject to the same vesting requirements or lapse of transfer restrictions, as applicable, as the underlying restricted stock award. The fair value of restricted stock awards is based on our stock price at the grant date.

The following table summarizes restricted stock activity for the year ended December 31, 2024.


(Shares and per share amounts in actuals)	Number of Shares	Weighted Average Grant Date Fair Value
Non-vested at December 31, 2023	83,479	$	16.47
Granted	77,759	20.51
Vested(1)	(83,479)	16.47
Canceled	(7,069)	20.51
Non-vested at December 31, 2024(2)	70,690	$	20.51

(1)The total fair value of shares that vested during the years ended December 31, 2024, 2023, and 2022 was $1 million, $1 million, and $1 million, respectively.

(2)As of December 31, 2024, there was $0.7 million of unrecognized compensation cost related to restricted stock, which is expected to be recognized over a weighted average period of 0.5 years.

Restricted Stock Units and Performance Stock Units

Restricted stock units (“RSUs”) and performance stock units (“PSUs”) are equity awards granted to employees that entitle the holder to shares of our common stock when the award vests. RSUs may be time-vested over three years or vested at grant but subject to transfer restrictions, while PSUs vest based on corporate performance targets at the end of a three-year period.

Outstanding RSUs and PSUs are entitled to dividend equivalent units that vest subject to the same vesting requirements or lapse of transfer restrictions, as applicable, as the underlying award. The fair value of RSUs is based on our stock price at the grant date. The fair value of each PSU grant was estimated on the date of grant using the Monte Carlo simulation-pricing model.

The following table summarizes RSU and PSU activity for the year ended December 31, 2024.


(Shares and per share amounts in actuals)	Number of RSUs/ PSUs	Weighted Average Grant Date Fair Value
Outstanding at December 31, 2023	4,346,994	$	16.39
Granted	2,061,763	20.22
Vested and converted to common stock(1)	(1,932,557)	16.39
Canceled	(38,019)	18.25
Outstanding at December 31, 2024(2)	4,438,181	$	18.16

(1)The total fair value of RSUs/PSUs that vested and converted to common stock during the years ended December 31, 2024, 2023, and 2022 was $32 million, $35 million, and $34 million, respectively.

(2)As of December 31, 2024, there was $22 million of unrecognized compensation cost related to RSUs/PSUs, which is expected to be recognized over a weighted average period of 1.5 years.

Employee Stock Purchase Plan

Employees may purchase shares of our common stock at the end of a 12-month offering period at a price equal to the share price at the beginning of the 12-month period, less 15 percent, up to a maximum purchase price of $7,500 (whole dollars). The purchase price for each offering is determined at the beginning of the offering period on August 1.

The fair values of the stock purchase rights of the ESPP offerings were calculated using a Black-Scholes option pricing model with the following weighted average assumptions:


Years ended December 31, (per share amounts in actuals)	2024			2023			2022
Risk-free interest rate	4.56		%	5.31		%	3.02		%
Expected volatility	27		%	38		%	39		%
Expected dividend rate	1.99		%	2.73		%	2.78		%
Expected life of the option	1 year			1 year			1 year
Weighted average fair value of stock purchase rights	$	5.07		$	4.14		$	4.17

The expected volatility is based on implied volatility from publicly-traded options on our stock at the grant date and historical volatility of our stock consistent with the expected life. The risk-free interest rate is based on the zero-coupon U.S. Treasury STRIPS rate at the grant date consistent with the expected life.

The fair values were amortized to compensation cost on a straight-line basis over a one-year vesting period. As of December 31, 2024, there was less than $1 million of unrecognized compensation cost related to the ESPP, which is expected to be recognized by July 2025.

During the years ended December 31, 2023 and 2024, plan participants purchased approximately 195,000 shares and 227,000 shares, respectively, of our common stock. No shares were purchased for the year ended December 31, 2022, as our stock price on July 31, 2022 was less than the offering price for the ESPP plan.

Loans Held for Investment (Tables)

12 Months Ended

Dec. 31, 2024

Receivables [Abstract]

Schedule of Loans Held for Investment

Loans held for investment are summarized as follows:


As of December 31, (dollars in thousands)	2024		2023
Private Education Loans:
Fixed-rate	$	17,093,382	$	13,985,791
Variable-rate	5,141,626		7,040,053
Total Private Education Loans, gross	22,235,008		21,025,844
Deferred origination costs and unamortized premium/ (discount)	103,070		81,554
Allowance for loan losses	(1,435,920)		(1,335,105)
Total Private Education Loans, net	20,902,158		19,772,293

FFELP Loans(1)	—		537,401
Deferred origination costs and unamortized premium/ (discount)	—		1,330
Allowance for loan losses	—		(4,667)
Total FFELP Loans, net	—		534,064
Loans held for investment, net	$	20,902,158	$	20,306,357

(1) FFELP Loans were transferred to loans held for sale during the third quarter of 2024 and subsequently sold to a third party during the fourth quarter of 2024.

The estimated weighted average life of education loans in our portfolio was approximately 5.6 years and 5.0 years at December 31, 2024 and 2023, respectively.

The average balance (net of unamortized premium/(discount)) and the respective weighted average interest rates of loans in our portfolio are summarized as follows:


	2024				2023				2022
Years Ended December 31, (dollars in thousands)	Average Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate
Private Education Loans	$	21,121,545	10.81	%	$	21,039,701	10.86	%	$	20,576,737	9.14	%
FFELP Loans	413,338		7.45		574,218		7.19		662,194		4.62
Total portfolio	$	21,534,883			$	21,613,919			$	21,238,931

Schedule of Loans Held for Investment by Region

Loans Held for Investment by Region

At December 31, 2024 and 2023, 43.8 percent and 43.5 percent, respectively, of total education loans were concentrated in the following states:


As of December 31,	2024		2023
California	10.2	%	10.1	%
New York	9.0		9.0
Pennsylvania	7.1		7.2
Texas	6.6		6.3
New Jersey	5.6		5.6
Florida	5.3		5.3
	43.8	%	43.5	%

Schedule of Allowance for Credit Losses and Recorded Investments in Loans

The following table summarizes our Private Education Loan sales to unaffiliated third parties for the periods presented.


Years Ended December 31, (dollars in millions)	2024		2023		2022
Loan principal	$	3,418	$	2,927	$	3,126
Capitalized interest	274		226		217
Total Private Education Loans sold	$	3,692	$	3,153	$	3,343

Gain on sale of loans, net	$	255	$	164	$	328

Allowance for Credit Losses Metrics

The following tables provide a summary of the activity in the allowance for loan losses and the allowance for unfunded loan commitments during the years ended December 31, 2024, 2023, and 2022.


Year Ended December 31, 2024 (dollars in thousands)	FFELP Loans			Private Education Loans			Total
Allowance for loan losses, beginning balance	$	4,667		$	1,335,105		$	1,339,772
Transfer from allowance for unfunded loan commitments	—			311,787			311,787
Provisions:
Provision for current period	4,010			357,067			361,077
Loan sale reduction to provision	—			(235,955)			(235,955)

Total provisions(1)	4,010			121,112			125,122
Net charge-offs:
Charge-offs	(380)			(376,840)			(377,220)
Recoveries	—			44,756			44,756
Net charge-offs	(380)			(332,084)			(332,464)
Write-downs arising from transfer of loans to held for sale(2)	(8,297)			—			(8,297)
Allowance for loan losses, ending balance	—			1,435,920			1,435,920
Allowance for unfunded loan commitments, beginning balance(3)	—			112,962			112,962
Provision(1)(4)	—			283,393			283,393
Transfer to allowance for loan losses	—			(311,787)			(311,787)
Allowance for unfunded loan commitments, ending balance(3)	—			84,568			84,568
Total allowance for credit losses, ending balance	$	—		$	1,520,488		$	1,520,488

Net charge-offs as a percentage of average loans in repayment(5)	—		%	2.19		%
Allowance for loan losses coverage of net charge-offs	—			4.32
Total allowance for credit losses as a percentage of the ending total loan balance, plus unfunded loan commitments and total accrued interest receivable	—		%	5.83		%

Ending total loans, gross	$	—		$	22,235,008
Average loans in repayment(5)	$	—		$	15,139,184
Ending loans in repayment(5)	$	—		$	16,106,751
Unfunded loan commitments	$	—		$	2,311,660
Total accrued interest receivable	$	—		$	1,549,415

(1) See “— Provisions for Credit Losses” below in this Note 6 for a reconciliation of the provisions for credit losses reported in the consolidated statements of income.

(2) Represents fair value adjustments on loans transferred to held for sale.

(3) When a new loan commitment is made, we record an allowance to cover lifetime expected credit losses on the unfunded commitments, which is recorded in “Other Liabilities” on the consolidated balance sheet. See “— Unfunded Loan Commitments” in this Note 6 for further discussion.

(4) Includes incremental provision for new commitments and changes to provision for existing commitments.

(5) Loans in repayment include loans on which borrowers are making interest only or fixed payments, as well as loans that have entered full principal and interest repayment status after any applicable grace period (but, for purposes of the table, do not include those loans while they are in forbearance).


Year Ended December 31, 2023 (dollars in thousands)	FFELP Loans			Private Education Loans			Total
Allowance for loan losses, beginning balance	$	3,444		$	1,353,631		$	1,357,075
Transfer from allowance for unfunded loan commitments	—			320,237			320,237
Provisions:
Provision for current period	2,224			240,347			242,571
Loan sale reduction to provision	—			(205,383)			(205,383)

Total provisions(1)	2,224			34,964			37,188
Net charge-offs:
Charge-offs	(1,001)			(420,095)			(421,096)
Recoveries	—			46,368			46,368
Net charge-offs	(1,001)			(373,727)			(374,728)

Allowance for loan losses, ending balance	4,667			1,335,105			1,339,772
Allowance for unfunded loan commitments, beginning balance(2)	—			124,924			124,924
Provision(1)(3)	—			308,275			308,275
Transfer to allowance for loan losses	—			(320,237)			(320,237)
Allowance for unfunded loan commitments, ending balance(2)	—			112,962			112,962
Total allowance for credit losses, ending balance	$	4,667		$	1,448,067		$	1,452,734

Net charge-offs as a percentage of average loans in repayment(4)	0.23		%	2.44		%
Allowance for loan losses coverage of net charge-offs	4.66			3.57
Total allowance for credit losses as a percentage of the ending total loan balance, plus unfunded loan commitments and total accrued interest receivable	0.87		%	5.89		%

Ending total loans, gross	$	537,401		$	21,025,844
Average loans in repayment(4)	$	433,225		$	15,310,934
Ending loans in repayment(4)	$	406,568		$	15,409,814
Unfunded loan commitments	$	—		$	2,221,077
Total accrued interest receivable	$	—		$	1,354,565

(1) See “— Provisions for Credit Losses” below in this Note 6 for a reconciliation of the provisions for credit losses reported in the consolidated statements of income.

(2) When a new loan commitment is made, we record an allowance to cover lifetime expected credit losses on the unfunded commitments, which is recorded in “Other Liabilities” on the consolidated balance sheet. See “— Unfunded Loan Commitments” in this Note 6 for further discussion.

(3) Includes incremental provision for new commitments and changes to provision for existing commitments.

(4) Loans in repayment include loans on which borrowers are making interest only or fixed payments, as well as loans that have entered full principal and interest repayment status after any applicable grace period (but, for purposes of the table, do not include those loans while they are in forbearance).


Year Ended December 31, 2022 (dollars in thousands)	FFELP Loans			Private Education Loans			Credit Cards			Total
Allowance for loan losses, beginning balance	$	4,077		$	1,158,977		$	2,281		$	1,165,335
Transfer from allowance for unfunded loan commitments	—			344,310			—			344,310
Provisions:
Provision for current period	(20)			410,254			3,301			413,535
Loan sale reduction to provision	—			(174,231)			—			(174,231)
Loans transferred to held-for-sale	—			—			(2,372)			(2,372)
Total provisions(1)	(20)			236,023			929			236,932
Net charge-offs:
Charge-offs	(613)			(427,416)			(3,215)			(431,244)
Recoveries	—			41,737			5			41,742
Net charge-offs	(613)			(385,679)			(3,210)			(389,502)

Allowance for loan losses, ending balance	3,444			1,353,631			—			1,357,075
Allowance for unfunded loan commitments, beginning balance(2)	—			72,713			—			72,713
Provision(1)(3)	—			396,521			—			396,521
Transfer to allowance for loan losses	—			(344,310)			—			(344,310)
Allowance for unfunded loan commitments, ending balance(2)	—			124,924			—			124,924
Total allowance for credit losses, ending balance	$	3,444		$	1,478,555		$	—		$	1,481,999

Net charge-offs as a percentage of average loans in repayment(4)	0.12		%	2.55		%	—		%
Allowance for loan losses coverage of net charge-offs	5.62			3.51			—
Total allowance for credit losses as a percentage of the ending total loan balance, plus unfunded loan commitments and total accrued interest receivable	0.57		%	6.30		%	—		%

Ending total loans, gross	$	609,050		$	20,303,688		$	—
Average loans in repayment(4)	$	517,139		$	15,103,123		$	—
Ending loans in repayment(4)	$	453,915		$	15,129,550		$	—
Unfunded loan commitments	$	—		$	1,995,808		$	—
Total accrued interest receivable	$	—		$	1,177,562		$	—

(1) See “— Provisions for Credit Losses” below in this Note 6 for a reconciliation of the provisions for credit losses reported in the consolidated statements of income.

(3) Includes incremental provision for new commitments and changes to provision for existing commitments.

Provisions for Credit Losses

Below is a reconciliation of the provisions for credit losses reported in the consolidated statements of income.


Consolidated Statements of Income Provisions for Credit Losses Reconciliation

Years Ended December 31,
(dollars in thousands)	2024		2023		2022
Private Education Loan provisions for credit losses:
Provisions for loan losses	$	121,112	$	34,964	$	236,023
Provisions for unfunded loan commitments	283,393		308,275		396,521
Total Private Education Loan provisions for credit losses	404,505		343,239		632,544
Other impacts to the provisions for credit losses:
FFELP Loans	4,010		2,224		(20)
Credit Cards	—		—		929
Total	4,010		2,224		909
Provisions for credit losses reported in consolidated statements of income	$	408,515	$	345,463	$	633,453

The tables below summarize the activity in the allowance recorded to cover lifetime expected credit losses on the unfunded commitments, which is recorded in “Other Liabilities” on the consolidated balance sheets, as well as the activity in the unfunded commitments balance.


Years Ended December 31, (dollars in thousands)	2024				2023				2022
	Allowance		Unfunded Commitments		Allowance		Unfunded Commitments		Allowance		Unfunded Commitments

Beginning Balance	$	112,962	$	2,221,077	$	124,924	$	1,995,808	$	72,713	$	1,776,976
Provision/New commitments - net(1)	283,393		7,103,832		308,275		6,602,803		396,521		6,180,805
Transfer - funded loans(2)	(311,787)		(7,013,249)		(320,237)		(6,377,534)		(344,310)		(5,961,973)
Ending Balance	$	84,568	$	2,311,660	$	112,962	$	2,221,077	$	124,924	$	1,995,808

(1) Net of expirations of commitments unused. Also includes incremental provision for new commitments and changes to provision for existing commitments.

(2) When a loan commitment is funded, its related liability for credit losses (which originally was recorded as a provision for unfunded commitments) is transferred to the allowance for credit losses.

Significant Accounting Policies - Securitization Accounting (Details)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Asset balance related to securitization trust (as a percentage)	10.00%

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Valuation of Financial Instruments that are Marked-to-market on Recurring Basis

The following table summarizes the valuation of our financial instruments that are marked-to-fair value on a recurring basis.


	Fair Value Measurements on a Recurring Basis
	2024								2023
As of December 31, (dollars in thousands)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:

Trading investments	$	—	$	—	$	53,262	$	53,262	$	—	$	—	$	54,481	$	54,481
Available-for-sale investments	—		1,930,537		2,689		1,933,226		—		2,411,622		—		2,411,622
Derivative instruments	—		—		—		—		—		—		—		—
Total	$	—	$	1,930,537	$	55,951	$	1,986,488	$	—	$	2,411,622	$	54,481	$	2,466,103

Liabilities:
Derivative instruments	$	—	$	(40)	$	—	$	(40)	$	—	$	(370)	$	—	$	(370)
Total	$	—	$	(40)	$	—	$	(40)	$	—	$	(370)	$	—	$	(370)

Fair Values of Financial Assets and Liabilities, Including Derivative Financial Instruments

The following table summarizes the fair values of our financial assets and liabilities, including derivative financial instruments.


As of December 31, (dollars in thousands)	2024						2023
	Fair Value		Carrying Value		Difference		Fair Value		Carrying Value		Difference
Earning assets:
Loans held for investment, net:
Private Education Loans	$	24,110,381	$	20,902,158	$	3,208,223	$	22,229,045	$	19,772,293	$	2,456,752
FFELP Loans	—		—		—		542,775		534,064		8,711


Cash and cash equivalents	4,700,366		4,700,366		—		4,149,838		4,149,838		—
Trading investments	53,262		53,262		—		54,481		54,481		—
Available-for-sale investments	1,933,226		1,933,226		—		2,411,622		2,411,622		—
Accrued interest receivable	1,663,474		1,546,590		116,884		1,448,766		1,379,904		68,862

Derivative instruments	—		—		—		—		—		—
Total earning assets	$	32,460,709	$	29,135,602	$	3,325,107	$	30,836,527	$	28,302,202	$	2,534,325
Interest-bearing liabilities:
Money-market and savings accounts	$	10,503,731	$	10,526,324	$	22,593	$	11,134,883	$	11,203,292	$	68,409
Certificates of deposit	10,593,666		10,540,428		(53,238)		10,380,684		10,448,365		67,681

Long-term borrowings	6,323,384		6,440,345		116,961		4,873,690		5,227,512		353,822
Accrued interest payable	108,488		108,488		—		105,066		105,066		—
Derivative instruments	40		40		—		370		370		—
Total interest-bearing liabilities	$	27,529,309	$	27,615,625	$	86,316	$	26,494,693	$	26,984,605	$	489,912

Excess of net asset fair value over carrying value					$	3,411,423					$	3,024,237

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following table summarizes the change in balance sheet carrying value associated with level 3 financial instruments carried at fair value on a recurring basis.


	2024						2023
	Investments						Investments
Years ended December 31, (dollars in thousands)	Available For Sale - Debt Securities		Trading - Residual Interests		Total		Available For Sale - Debt Securities		Trading - Residual Interests		Total
Balance, beginning of period	$	—	$	54,481	$	54,481	$	—	$	50,786	$	50,786
Total gains/(losses):
Included in earnings (or changes in net assets)(1)	20		478		498		—		2,721		2,721
Included in other comprehensive income	80		—		80		—		—		—
Settlements	2,589		(1,697)		892		—		974		974
Transfers into level 3	—		—		—		—		—		—
Transfers out of level 3	—		—		—		—		—		—
Balance, end of period	$	2,689	$	53,262	$	55,951	$	—	$	54,481	$	54,481

Change in unrealized gains (losses) for the period included in other comprehensive income for assets held at the end of the reporting period	$	80	$	—	$	80	$	—	$	—	$	—
Change in unrealized gains (losses) for the period included in earnings (or changes in net assets) for assets held at the end of the reporting period(2)	$	—	$	478	$	478	$	—	$	2,721	$	2,721

(1) Included in earnings (or changes in net assets) is comprised of the amounts recorded in the specified line item in the consolidated statements of income:


Years Ended December 31, (dollars in thousands)
	2024		2023
Interest Income - Investments	$	20	$	—
Gains (losses) on securities, net	478		2,721
Total	$	498	$	2,721

(2) Recorded in "gains (losses) on securities, net" in the consolidated statements of income.

Fair Value Measurement Inputs and Valuation Techniques

The following table presents the significant unobservable inputs used in the recurring valuations of the level 3 financial instruments detailed above.

As of December 31, 2024
(dollars in thousands)

Fair Value

Valuation Technique

Unobservable Input

Range (Average)

Debt Securities

2,689

Discounted cash flow

Constant Prepayment Rate

6.9%-11.0% (8.3%)

Probability of default

4.0%-17.0% (11.5%)

Residual Interests

53,262

Discounted cash flow

Constant Prepayment Rate

6.9%-11.0% (8.3%)

Probability of default

4.0%-17.0% (11.5%)

Total

55,951

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

Income Taxes

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Reconciliations of the statutory U.S. federal income tax rates to our effective tax rate for continuing operations follow:


Years ended December 31,	2024		2023		2022
Statutory rate	21.0	%	21.0	%	21.0	%

State tax, net of federal benefit	2.3		3.8		4.1
Business credits	(2.0)		(1.3)		(1.5)





Other, net	2.5		1.8		2.0
Effective tax rate	23.8	%	25.3	%	25.6	%

The effective tax rate varies from the statutory U.S. federal rate of 21 percent primarily due to business tax credits and the impact of state taxes, net of federal benefit, for the years ended December 31, 2024, 2023, and 2022.

Income tax expense consists of:


As of December 31, (dollars in thousands)	2024		2023		2022
Current provision (benefit):
Federal	$	181,132	$	175,977	$	205,954
State	43,506		44,152		49,427

Total current provision (benefit)	224,638		220,129		255,381
Deferred provision (benefit):
Federal	(19,032)		(20,687)		(75,978)
State	(15,295)		(2,537)		(17,692)

Total deferred provision (benefit)	(34,327)		(23,224)		(93,670)
Provision for income tax expense	$	190,311	$	196,905	$	161,711

The tax effect of temporary differences that give rise to deferred tax assets and liabilities is summarized below.


As of December 31, (dollars in thousands)	2024		2023
Deferred tax assets:
Loan reserves	$	376,029	$	354,412
Net unrealized losses	21,209		24,176
Accrued expenses not currently deductible	19,841		16,297
Unrecorded tax benefits	12,008		11,568
Research and development costs	38,119		26,519
Stock-based compensation plans	12,885		10,847

Acquired intangible assets	16,394		14,536
Operating loss carryovers	—		26




Other	1,785		1,426
Total deferred tax assets	498,270		459,807
Deferred tax liabilities:
Student loan premiums and discounts, net	22,873		15,908
Fixed assets	7,708		8,533
Federal deferred for state receivable	1,908		1,171




Other	402		614
Total deferred tax liabilities	32,891		26,226
Net deferred tax assets	$	465,379	$	433,581

Included in operating loss carryovers are state net operating losses of $234 million and $223 million as of December 31, 2024 and 2023, respectively. The Company has recorded a valuation allowance against these net operating losses of $234 million and $223 million, respectively. Also included in operating loss carryovers is a capital loss of $23 million and $18 million as of December 31, 2024 and 2023, respectively. The Company has recorded a full valuation allowance against this capital loss. The valuation allowance is primarily attributable to deferred tax assets for state net operating losses and capital losses that management believes are more likely than not to expire prior to being realized. Included in net unrealized losses is a valuation allowance of $5 million and $4 million, respectively.

The ultimate realization of the deferred tax assets is dependent upon the generation of future taxable income of the appropriate character (i.e., capital or ordinary) during the period in which the temporary differences become deductible. Management considers, among other things, the scheduled reversals of deferred tax liabilities and the history of positive taxable income in evaluating the realizability of the deferred tax assets. Management believes that it is more likely than not that the results of future operations will generate sufficient taxable income to realize our deferred tax assets (other than state net operating loss, net unrealized losses and capital loss carryovers as outlined above).

As of December 31, 2024, the state net operating loss carryforwards will begin to expire in 2029 and the capital losses will begin to expire in 2025.

Accounting for Uncertainty in Income Taxes

The following table summarizes changes in unrecognized tax benefits:


As of December 31, (dollars in thousands)	2024		2023		2022
Unrecognized tax benefits at beginning of year	$	68,123	$	79,366	$	75,328
Increases resulting from tax positions taken during a prior period	1,232		1,204		6,049
Decreases resulting from tax positions taken during a prior period	(1,890)		(250)		(1,327)
Increases resulting from tax positions taken during the current period	3,218		2,711		11,032
Decreases related to settlements with taxing authorities	(18,349)		(10,089)		(4,666)

Reductions related to the lapse of statute of limitations	(3,927)		(4,819)		(7,050)
Unrecognized tax benefits at end of year	$	48,407	$	68,123	$	79,366

As of December 31, 2024, the gross unrecognized tax benefits are $48 million. Included in the $48 million are $39 million of unrecognized tax benefits that, if recognized, would favorably impact the effective tax rate.

Tax-related interest and penalty expense is reported as a component of income tax expense. As of December 31, 2024, 2023, and 2022, the total amount of income tax-related accrued interest and penalties, net of related benefit, recognized in the consolidated balance sheets was $11 million, $8 million, and $8 million, respectively.

For the years ended December 31, 2024, 2023, and 2022, the total amount of income tax-related accrued interest, net of related tax benefit, recognized in the consolidated statements of income was $3 million, $2 million, and $(2) million, respectively.

The Company or one of its subsidiaries files income tax returns at the U.S. federal level and in most U.S. states. U.S. federal income tax returns filed for years 2020 and prior are no longer subject to examination. Various combinations of subsidiaries, tax years, and jurisdictions remain open for review, subject to statute of limitations periods (typically three to four prior years). We do not expect the resolution of open audits to have a material impact on our unrecognized tax benefits.

It is reasonably possible that the uncertain tax position reserve may decrease by as much as $11 million during the next 12 months due to the expiration of statutes of limitations. The reduction in the uncertain tax position reserve would be reflected as a tax benefit.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Derivative Financial Instruments - Offsetting Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Other Assets
Gross position	$ 0	$ 0
Impact of master netting agreement	0	0
Derivative values with impact of master netting agreements (as carried on balance sheet)	0	0
Cash collateral pledged	4,879	9,228
Net position	4,879	9,228
Other Liabilities
Gross position	(40)	(370)
Impact of master netting agreement	0	0
Derivative values with impact of master netting agreements (as carried on balance sheet)	(40)	(370)
Cash collateral pledged	0	0
Net position	$ (40)	$ (370)

Borrowings - Secured Financing (Details) - USD ($) $ in Thousands						1 Months Ended					12 Months Ended
	Nov. 06, 2024	Aug. 14, 2024	Mar. 15, 2024	Aug. 16, 2023	Mar. 15, 2023	Nov. 30, 2024	Aug. 31, 2024	May 31, 2024	Aug. 31, 2023	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Loans Transferred to the Trust											$ 2,410,734	$ 1,292,507
Notes Issued											2,216,000	1,147,000
Proceeds from Issuance of Debt											2,215,612	1,139,791
Loan Principal											2,150,266	1,001,058
Capitalized Interest											177,337	68,143
Total Loans											2,327,603	1,069,201
2023-A ABS Transaction
Debt Instrument [Line Items]
Loans Transferred to the Trust										$ 644,573
Notes Issued										$ 579,000
Proceeds from Issuance of Debt					$ 571,910
Weighted Average Cost of Funds										1.53%
Weighted Average Life of Class A and Class B Notes (in years)										5 years 21 days
Loan Principal												484,551
Capitalized Interest												32,856
Total Loans												517,407
2023-C ABS Transaction
Debt Instrument [Line Items]
Loans Transferred to the Trust									$ 647,934
Notes Issued									$ 568,000
Proceeds from Issuance of Debt				$ 567,881
Weighted Average Cost of Funds									1.69%
Weighted Average Life of Class A and Class B Notes (in years)									4 years 11 months 4 days
Loan Principal												516,507
Capitalized Interest												35,287
Total Loans												$ 551,794
2024-C ABS Transaction
Debt Instrument [Line Items]
Loans Transferred to the Trust								$ 733,644
Notes Issued								$ 668,000
Proceeds from Issuance of Debt			$ 667,888
Weighted Average Cost of Funds								1.19%
Weighted Average Life of Class A and Class B Notes (in years)								5 years 4 months 9 days
Loan Principal											646,550
Capitalized Interest											52,968
Total Loans											699,518
2024-E ABS Transaction
Debt Instrument [Line Items]
Loans Transferred to the Trust							$ 944,645
Notes Issued							$ 868,000
Proceeds from Issuance of Debt		$ 867,743
Weighted Average Cost of Funds							1.42%
Weighted Average Life of Class A and Class B Notes (in years)							5 years 2 months 1 day
Loan Principal											841,355
Capitalized Interest											69,238
Total Loans											910,593
2024-F ABS Transaction
Debt Instrument [Line Items]
Loans Transferred to the Trust						$ 732,445
Notes Issued						$ 680,000
Proceeds from Issuance of Debt	$ 679,981
Weighted Average Cost of Funds						1.08%
Weighted Average Life of Class A and Class B Notes (in years)						5 years 1 month 2 days
Loan Principal											662,361
Capitalized Interest											55,131
Total Loans											$ 717,492

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Regulatory Capital - Adjusted Transition Amounts (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Retained earnings	$ 4,114,446	$ 3,624,859
Allowance for loan losses	1,435,920	1,339,772	$ 1,357,075	$ 1,165,335
Liability for unfunded commitments	84,568	112,962	124,924	72,713
Deferred tax asset	465,379	433,581
Cumulative Effect, Period Of Adoption, Adjusted Phase-In Amounts Remaining
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Retained earnings	209,087			836,351
Allowance for loan losses	259,537			1,038,145
Liability for unfunded commitments	26,094			104,377
Deferred tax asset	76,544			$ 306,171
Adjustments
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Retained earnings	(209,088)	(209,088)	(209,088)
Allowance for loan losses	(259,536)	(259,536)	(259,536)
Liability for unfunded commitments	(26,095)	(26,094)	(26,094)
Deferred tax asset	$ (76,543)	$ (76,542)	$ (76,542)

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Deposits - Certificates of Deposits Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Time Deposits, Fiscal Year Maturity [Abstract]
One year or less	$ 6,569,872	$ 3,937,766
After one year to two years	2,074,849	4,112,902
After two years to three years	986,262	1,881,371
After three years to four years	189,421	327,295
After four years to five years	720,005	188,802
After five years	19	229
Total	$ 10,540,428	$ 10,448,365

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Common stock dividend (in dollars per share)	$ 0.46	$ 0.44	$ 0.44
Series B Preferred Stock
Preferred stock dividend rate (in dollars per share)	$ 7.29	$ 7.05	$ 3.60

Stockholders' Equity - Schedule of Common Share Repurchases (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Common stock repurchased under repurchase programs (in shares)	11,586,103	22,341,595	40,253,548
Average purchase price per share (in dollars per share)	$ 21.59	$ 15.64	$ 17.58
Shares repurchased related to employee stock-based compensation plans (in shares)	749,866	1,099,241	1,135,509
Average purchase price per share (in dollars per share)	$ 20.19	$ 15.46	$ 18.36
Issuance of common shares (in shares)	2,374,379	3,109,276	3,107,768
2022 Share Repurchase Program
Class of Stock [Line Items]
Remaining authority under the share repurchase program	$ 402

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Deposits - Summary of Total Deposits (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deposits [Abstract]
Deposits - interest-bearing	$ 21,066,752	$ 21,651,657
Deposits - non-interest-bearing	1,816	1,531
Total deposits	$ 21,068,568	$ 21,653,188

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Unsecured Debt On January 31, 2025, we issued $500 million of 6.50 percent unsecured Senior Notes due January 31, 2030. On February 18, 2025, we redeemed $500 million of the 4.20 percent unsecured Senior Notes due October 29, 2025. The Senior Notes were redeemed at 100 percent of their principal amount, plus the accrued and unpaid interest thereon through the redemption date. As a result of the redemption, we will recognize a loss of approximately $1 million on the transaction in the first-quarter 2025 consolidated statements of income. 2025 Loan Sales On February 6, 2025, we sold approximately $2.0 billion of our Private Education Loans, including $1.8 billion in principal, $163 million in capitalized interest and $10 million in accrued interest, to an unaffiliated third party. The gain on sale of loans sold expressed as a percentage was in the high single-digits and will be recognized in the first-quarter 2025 consolidated statements of income. The transaction qualified for sale treatment and removed the balance of the loans from our balance sheet on the settlement date. We will continue to service these loans pursuant to the terms of the applicable transaction documents.

Goodwill and Acquired Intangible Assets

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Acquired Intangible Assets

Goodwill

We recorded as goodwill the excess of the purchase price over the estimated fair values of identifiable assets and liabilities acquired as part of the Nitro acquisition in the first quarter of 2022 and the Scholly acquisition in the third quarter of 2023. At December 31, 2024, we had $56 million in total goodwill. See Note 2, “Significant Accounting Policies — Business Combinations” in this Form 10-K for additional details on our acquisitions of Nitro and Scholly.

Goodwill is not amortized but is tested periodically for impairment. We test goodwill for impairment annually in the fourth quarter of the year, or more frequently if we believe that indicators of impairment exist. As a part of the 2024 annual impairment testing, we conducted a quantitative impairment test of goodwill associated with our education services business. We utilized the income approach to estimate the fair value of the reporting unit. The income approach measures the value of the reporting unit’s future economic benefit determined by its discounted cash flows derived from our reporting unit’s internal forecast. Based on the quantitative analysis, we determined that the fair value of the reporting unit exceeded its carrying value. Thus, no impairment charges were recorded during the year ended December 31, 2024.

Acquired Intangible Assets

Our intangible assets include acquired trade name and trademarks, customer relationships, developed technology, and partner relationships. We review our long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable.

In the fourth quarter of 2023, we determined that it was more likely than not that the Nitro trade name and trademark assets would not be used as originally intended due to changes in business strategy and, therefore, no longer held value. As a result, the Company performed an impairment review and wrote down the Nitro trade name and trademark to zero, which resulted in the recognition of a non-cash pre-tax impairment loss of $56 million. That impairment loss was recorded to acquired intangible assets impairment and amortization expense.

In the fourth quarter of 2024, we determined that it was more likely than not that the Scholly partner relationships asset no longer held value. As a result, the Company performed an impairment review and wrote down the Scholly partner relationships asset to zero, which resulted in the recognition of a non-cash pre-tax impairment loss of less than $1 million. That impairment loss was recorded to acquired intangible assets impairment and amortization expense.

Acquired intangible assets include the following:


As of December 31, (dollars in thousands)		2024						2023
	Useful Life (in years)(1)	Cost Basis		Accumulated Amortization		Net		Cost Basis		Accumulated Amortization		Net
Trade name and trademarks(2)(3)	4.0	$	6,040	$	(2,139)	$	3,901	$	6,040	$	(629)	$	5,411
Customer relationships(2)	4.6	8,920		(6,465)		2,455		8,920		(4,013)		4,907
Developed technology(2)	3.5	2,590		(1,661)		929		2,590		(908)		1,682
Partner relationships(4)	—	—		—		—		730		(122)		608
Sallie.com domain	4.0	150		(6)		144		—		—		—
Total acquired intangible assets		$	17,700	$	(10,271)	$	7,429	$	18,280	$	(5,672)	$	12,608

(1) The weighted average useful life of acquired intangible assets related to the Nitro acquisition is 4.6 years and the weighted average useful life of the acquired intangible assets related to the Scholly acquisition is 4.0 years.

(2) Trade name and trademarks, customer relationships, and developed technology at December 31, 2024 include $4 million, $1 million, and $1 million, respectively, related to the Scholly acquisition.

(3) In 2023, we fully impaired the Nitro trade name and trademarks asset for $56 million.

(4) In 2024, we fully impaired the Scholly partner relationships asset for less than $1 million.

We recorded amortization of acquired intangible assets totaling approximately $5 million and $10 million in the years ended December 31, 2024 and 2023, respectively. We will continue to amortize our intangible assets with definite useful lives over their remaining estimated useful lives. We estimate amortization expense associated with these intangible assets will be approximately $4 million, $3 million, and $1 million in 2025, 2026, and 2027.

Deposits

12 Months Ended

Dec. 31, 2024

Deposits [Abstract]

Deposits

The following table summarizes total deposits at December 31, 2024 and 2023.


As of December 31, (dollars in thousands)	2024		2023
Deposits - interest-bearing	$	21,066,752	$	21,651,657
Deposits - non-interest-bearing	1,816		1,531
Total deposits	$	21,068,568	$	21,653,188

Our total deposits of $21.1 billion were comprised of $9.5 billion in brokered deposits and $11.6 billion in retail and other deposits at December 31, 2024, compared with total deposits of $21.7 billion, which were comprised of $10.3 billion in brokered deposits and $11.4 billion in retail and other deposits, at December 31, 2023.

Interest-bearing deposits as of December 31, 2024 and 2023 consisted of retail and brokered non-maturity savings deposits, retail and brokered non-maturity MMDAs, and retail and brokered CDs. Interest-bearing deposits also include deposits from Educational 529 and Health Savings plans that diversify our funding sources and that we consider to be core. These and other large omnibus accounts, aggregating the deposits of many individual depositors, represented $7.0 billion of our deposit total as of December 31, 2024, compared with $7.6 billion at December 31, 2023. The omnibus accounts are structured in such a way that entitles the individual depositor pass-through deposit insurance (subject to FDIC rules and limitations), and the majority of these deposits have contractual minimum balances and maturity terms.

Some of our deposit products are serviced by third-party providers. Placement fees associated with the brokered CDs are amortized into interest expense using the effective interest rate method. We recognized placement fee expense of $11 million, $12 million, and $13 million in the years ended December 31, 2024, 2023, and 2022, respectively. Fees paid to third-party brokers related to brokered CDs were $8 million, $8 million, and $13 million during the years ended December 31, 2024, 2023, and 2022, respectively.

Interest bearing deposits at December 31, 2024 and 2023 are summarized as follows:


	2024				2023
As of December 31, (dollars in thousands)	Amount		Year-End Weighted Average Stated Rate(1)		Amount		Year-End Weighted Average Stated Rate(1)

Money market	$	9,582,290	4.27	%	$	10,258,292	4.85	%
Savings	944,034		4.02		945,000		4.35
Certificates of deposit	10,540,428		4.20		10,448,365		3.69
Deposits - interest-bearing	$	21,066,752			$	21,651,657

(1) Includes the effect of interest rate swaps in effective hedge relationships.

Certificates of deposit remaining maturities are summarized as follows:


As of December 31, (dollars in thousands)	2024		2023
One year or less	$	6,569,872	$	3,937,766
After one year to two years	2,074,849		4,112,902
After two years to three years	986,262		1,881,371
After three years to four years	189,421		327,295
After four years to five years	720,005		188,802
After five years	19		229
Total	$	10,540,428	$	10,448,365

As of December 31, 2024 and 2023, there were $567 million and $478 million, respectively, of deposits exceeding FDIC insurance limits. Accrued interest on deposits was $92 million and $91 million at December 31, 2024 and 2023, respectively.

Segment Reporting (Details) - USD ($) $ in Thousands	12 Months Ended
Segment Reporting (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Compensation and benefits	$ 349,387	$ 326,554	$ 270,354
FDIC assessment fees	51,606	45,766	20,939
Acquired intangible assets impairment and amortization expense	5,329	66,364	7,779
Total non-interest expenses	641,899	685,570	559,241
Reportable Segment
Segment Reporting Information [Line Items]
Compensation and benefits	349,387	326,554	270,354
Professional fees	129,472	145,062	164,226
Technology expenses	57,431	54,942	48,561
FDIC assessment fees	51,606	45,766	20,939
Other operating expenses	48,674	46,882	47,382
Total operating expenses	636,570	619,206	551,462
Acquired intangible assets impairment and amortization expense	5,329	66,364	7,779
Total non-interest expenses	$ 641,899	$ 685,570	$ 559,241

Allowance for Credit Losses and Unfunded Loan Commitments - Narrative (Details)	3 Months Ended	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2024 USD ($) payment	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Schedule Of Allowance For Credit Losses And Recorded Investment In Financing Receivables Table [Line Items]
Expense (reversal) financial receivable and off-balance sheet		$ 409,000,000	$ 345,000,000
Financing receivable, excluding accrued interest, allowance for credit loss, loan sold		$ 235,955,000	205,383,000	$ 174,231,000
Criteria for loans to be considered as nonperforming (greater than)		90 days
Tier 1 of government guarantee (at least)		97.00%
Maximum amount of forbearance granted		12 months
Number of monthly payments required by a borrower between successive grants of forbearance \| payment		12
Financing receivable, ,modified in period, amount		$ 1,001,410,000	373,683,000
Amortization cost basis		$ 40,400,000	$ 8,400,000
Period of loans past due that have accrued interest		90 days	90 days
Monthly payment that is smaller than the interest accrued on the loan in that month		$ 25
Loan delinquent, current
Schedule Of Allowance For Credit Losses And Recorded Investment In Financing Receivables Table [Line Items]
Financing receivable, ,modified in period, amount		826,007,000	$ 334,967,000
Loan delinquent 30-59 days
Schedule Of Allowance For Credit Losses And Recorded Investment In Financing Receivables Table [Line Items]
Financing receivable, ,modified in period, amount		77,446,000	17,205,000
Loan delinquent 60-89 days
Schedule Of Allowance For Credit Losses And Recorded Investment In Financing Receivables Table [Line Items]
Financing receivable, ,modified in period, amount		43,484,000	7,689,000
Loan delinquent 90 days or greater past due
Schedule Of Allowance For Credit Losses And Recorded Investment In Financing Receivables Table [Line Items]
Financing receivable, ,modified in period, amount		54,473,000	13,822,000
Private Education Loans \| Extended Maturity
Schedule Of Allowance For Credit Losses And Recorded Investment In Financing Receivables Table [Line Items]
Financing Receivable, excluding accrued interest, modified, accumulated	$ 7,300,000		7,300,000
Financing receivable, excluding accrued interest, modified in period, to total financing receivables, percentage	0.03%
Financing receivable, modified, weighted average term increase for modification	6 years 8 months 12 days
Financing receivable, modified, accumulated	$ 2,500,000	2,000,000.0	2,500,000
Financing receivable, ,modified in period, amount	$ 600,000
Private Education Loans \| Extended Maturity \| Loan delinquent, current
Schedule Of Allowance For Credit Losses And Recorded Investment In Financing Receivables Table [Line Items]
Financing Receivable, excluding accrued interest, modified, accumulated		6,000,000.0
Private Education Loans \| Extended Maturity \| Loan delinquent 30-59 days
Schedule Of Allowance For Credit Losses And Recorded Investment In Financing Receivables Table [Line Items]
Financing Receivable, excluding accrued interest, modified, accumulated		600,000
Private Education Loans \| Extended Maturity \| Loan delinquent 60-89 days
Schedule Of Allowance For Credit Losses And Recorded Investment In Financing Receivables Table [Line Items]
Financing Receivable, excluding accrued interest, modified, accumulated		400,000
Private Education Loans \| Extended Maturity \| Loan delinquent 90 days or greater past due
Schedule Of Allowance For Credit Losses And Recorded Investment In Financing Receivables Table [Line Items]
Financing Receivable, excluding accrued interest, modified, accumulated		300,000
Private Education Loans
Schedule Of Allowance For Credit Losses And Recorded Investment In Financing Receivables Table [Line Items]
Financing receivable, excluding accrued interest, allowance for credit loss, loan sold		235,955,000	205,383,000	174,231,000
Loans sold		3,690,000,000	3,150,000,000	3,340,000,000
Financing receivable, ,modified in period, amount		1,035,055,000	380,526,000
Amortization cost basis		$ 40,400,000
Threshold period when delinquent loans are written off		120 days
FFELP Loans
Schedule Of Allowance For Credit Losses And Recorded Investment In Financing Receivables Table [Line Items]
Financing receivable, excluding accrued interest, allowance for credit loss, loan sold		$ 0	$ 0	$ 0
Maximum
Schedule Of Allowance For Credit Losses And Recorded Investment In Financing Receivables Table [Line Items]
Increments in which forbearance is granted		2 months
Minimum
Schedule Of Allowance For Credit Losses And Recorded Investment In Financing Receivables Table [Line Items]
Increments in which forbearance is granted		1 month

Loans Held for Investment - Student Loan Portfolio Average Balances (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average Balance	$ 21,534,883	$ 21,613,919	$ 21,238,931
Private Education Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average Balance	$ 21,121,545	$ 21,039,701	$ 20,576,737
Weighted Average Interest Rate	10.81%	10.86%	9.14%
FFELP Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average Balance	$ 413,338	$ 574,218	$ 662,194
Weighted Average Interest Rate	7.45%	7.19%	4.62%

Fair Value Measurements - Fair Value Measurement Inputs and Valuation Techniques (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	$ 54,481	$ 50,786
Included in earnings (or changes in net assets)	498	2,721
Included in other comprehensive income	80	0
Settlements	892	974
Transfers into level 3	0	0
Transfers out of level 3	0	0
Balance, end of period	55,951	54,481
Change in unrealized gains (losses) for the period included in other comprehensive income for assets held at the end of the reporting period	80	0
Change in unrealized gains or losses for the period included in earnings (or changes in net assets) for assets held at the end of the reporting period	$ 478	2,721
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Asset, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration]	Other Comprehensive Income (Loss), before Tax
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Unrealized gains (losses) on cash flow hedges
Interest Income - Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Included in earnings (or changes in net assets)	$ 20	0
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Net interest loss
Gains (losses) on securities, net
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Included in earnings (or changes in net assets)	$ 478	$ 2,721
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Gains (losses) on securities, net	Gains (losses) on securities, net
Available For Sale - Debt Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	$ 0	$ 0
Included in earnings (or changes in net assets)	20	0
Included in other comprehensive income	80	0
Settlements	2,589	0
Transfers into level 3	0	0
Transfers out of level 3	0	0
Balance, end of period	2,689	0
Change in unrealized gains (losses) for the period included in other comprehensive income for assets held at the end of the reporting period	80	0
Change in unrealized gains or losses for the period included in earnings (or changes in net assets) for assets held at the end of the reporting period	0	0
Trading - Residual Interests
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	54,481	50,786
Included in earnings (or changes in net assets)	478	2,721
Included in other comprehensive income	0	0
Settlements	(1,697)	974
Transfers into level 3	0	0
Transfers out of level 3	0	0
Balance, end of period	53,262	54,481
Change in unrealized gains (losses) for the period included in other comprehensive income for assets held at the end of the reporting period	0	0
Change in unrealized gains or losses for the period included in earnings (or changes in net assets) for assets held at the end of the reporting period	$ 478	$ 2,721

Allowance for Credit Losses and Unfunded Loan Commitments - Allowance and Recorded Investments in Loans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Allowance For Credit Losses [Abstract]
Allowance for loan losses, beginning balance	$ 1,339,772	$ 1,357,075	$ 1,165,335
Transfer from allowance for unfunded loan commitments	311,787	320,237	344,310
Provision for current period	361,077	242,571	413,535
Loan sale reduction to provision	(235,955)	(205,383)	(174,231)
Loans transferred to held-for-sale			(2,372)
Total provisions	125,122	37,188	236,932
Net charge-offs:
Charge-offs	(377,220)	(421,096)	(431,244)
Recoveries	44,756	46,368	41,742
Net charge-offs	(332,464)	(374,728)	(389,502)
Write-downs arising from transfer of loans to held for sale	(8,297)
Allowance for loan losses, ending balance	1,435,920	1,339,772	1,357,075
Allowance
Beginning balance	112,962	124,924	72,713
Provision	283,393	308,275	396,521
Transfer to allowance for loan losses	(311,787)	(320,237)	(344,310)
Ending balance	84,568	112,962	124,924
Total allowance for credit losses, ending balance	1,520,488	1,452,734	1,481,999
Accrued interest to be capitalized
Unfunded loan commitments	2,311,660	2,221,077	1,995,808	$ 1,776,976
Accrued interest receivable	1,546,590	1,379,904
Other impacts to the provisions for credit losses:	4,010	2,224	909
Provisions for credit losses	408,515	345,463	633,453
FFELP Loans
Allowance For Credit Losses [Abstract]
Allowance for loan losses, beginning balance	4,667	3,444	4,077
Transfer from allowance for unfunded loan commitments	0	0	0
Provision for current period	4,010	2,224	(20)
Loan sale reduction to provision	0	0	0
Loans transferred to held-for-sale			0
Total provisions	4,010	2,224	(20)
Net charge-offs:
Charge-offs	(380)	(1,001)	(613)
Recoveries	0	0	0
Net charge-offs	(380)	(1,001)	(613)
Write-downs arising from transfer of loans to held for sale	(8,297)
Allowance for loan losses, ending balance	0	4,667	3,444
Allowance
Beginning balance	0	0	0
Provision	0	0	0
Transfer to allowance for loan losses	0	0	0
Ending balance	0	0	0
Total allowance for credit losses, ending balance	$ 0	$ 4,667	$ 3,444
Accrued interest to be capitalized
Net charge-offs as a percentage of average loans in repayment	0.00%	0.23%	0.12%
Allowance for loan losses coverage of net charge-offs	0	4.66	5.62
Total allowance for credit losses as a percentage of the ending total loan balance, plus unfunded loan commitments and total accrued interest receivable	0.00%	0.87%	0.57%
Ending total loans, gross	$ 0	$ 537,401	$ 609,050
Average loans in repayment	0	433,225	517,139
Ending loans in repayment	0	406,568	453,915
Unfunded loan commitments	0	0	0
Accrued interest receivable	0	0	0
Other impacts to the provisions for credit losses:	4,010	2,224	(20)
Private Education Loans
Allowance For Credit Losses [Abstract]
Allowance for loan losses, beginning balance	1,335,105	1,353,631	1,158,977
Transfer from allowance for unfunded loan commitments	311,787	320,237	344,310
Provision for current period	357,067	240,347	410,254
Loan sale reduction to provision	(235,955)	(205,383)	(174,231)
Loans transferred to held-for-sale			0
Total provisions	121,112	34,964	236,023
Net charge-offs:
Charge-offs	(376,840)	(420,095)	(427,416)
Recoveries	44,756	46,368	41,737
Net charge-offs	(332,084)	(373,727)	(385,679)
Write-downs arising from transfer of loans to held for sale	0
Allowance for loan losses, ending balance	1,435,920	1,335,105	1,353,631
Allowance
Beginning balance	112,962	124,924	72,713
Provision	283,393	308,275	396,521
Transfer to allowance for loan losses	(311,787)	(320,237)	(344,310)
Ending balance	84,568	112,962	124,924
Total allowance for credit losses, ending balance	$ 1,520,488	$ 1,448,067	$ 1,478,555
Accrued interest to be capitalized
Net charge-offs as a percentage of average loans in repayment	2.19%	2.44%	2.55%
Allowance for loan losses coverage of net charge-offs	4.32	3.57	3.51
Total allowance for credit losses as a percentage of the ending total loan balance, plus unfunded loan commitments and total accrued interest receivable	5.83%	5.89%	6.30%
Ending total loans, gross	$ 22,235,008	$ 21,025,844	$ 20,303,688
Average loans in repayment	15,139,184	15,310,934	15,103,123
Ending loans in repayment	16,106,751	15,409,814	15,129,550
Unfunded loan commitments	2,311,660	2,221,077	1,995,808
Accrued interest receivable	1,549,415	1,354,565	1,177,562
Provisions for loan losses	121,112	34,964	236,023
Provisions for unfunded loan commitments	283,393	308,275	396,521
Total Private Education Loan provisions for credit losses	404,505	343,239	632,544
Credit Cards
Allowance For Credit Losses [Abstract]
Allowance for loan losses, beginning balance		0	2,281
Transfer from allowance for unfunded loan commitments			0
Provision for current period			3,301
Loan sale reduction to provision			0
Loans transferred to held-for-sale			(2,372)
Total provisions			929
Net charge-offs:
Charge-offs			(3,215)
Recoveries			5
Net charge-offs			(3,210)
Allowance for loan losses, ending balance			0
Allowance
Beginning balance		0	0
Provision			0
Transfer to allowance for loan losses			0
Ending balance			0
Total allowance for credit losses, ending balance			$ 0
Accrued interest to be capitalized
Net charge-offs as a percentage of average loans in repayment			0.00%
Allowance for loan losses coverage of net charge-offs			0
Total allowance for credit losses as a percentage of the ending total loan balance, plus unfunded loan commitments and total accrued interest receivable			0.00%
Ending total loans, gross			$ 0
Average loans in repayment			0
Ending loans in repayment			0
Unfunded loan commitments			0
Accrued interest receivable			0
Other impacts to the provisions for credit losses:	$ 0	$ 0	$ 929

Commitments, Contingencies and Guarantees (Details) $ in Millions	Dec. 31, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Contractual obligation	$ 2,300
Other liabilities reserve	$ 85

Derivative Financial Instruments - Impact of Derivatives on Consolidated Statement of Changes in Stockholders' Equity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Amount of gain (loss) recognized in other comprehensive income (loss)	$ 10,827	$ 13,353	$ 97,389
Less: Amount of gain (loss) reclassified in interest expense	41,221	47,810	3,658
Total change in other comprehensive income (loss) for unrealized gains (losses) on derivatives, before income tax (expense) benefit	$ (30,394)	$ (34,457)	$ 93,731

Stockholders' Equity

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Preferred Stock

At December 31, 2024, we had 2.5 million shares of Floating-Rate Non-Cumulative Preferred Stock, Series B (the “Series B Preferred Stock”) outstanding. The Series B Preferred Stock does not have a maturity date, but can be redeemed at our option. Redemption would include any accrued and unpaid dividends for the then current quarterly dividend period, up to the redemption date. The shares have no preemptive or conversion rights and are not exchangeable for any of our other securities or property. Dividends are not mandatory and are paid quarterly, when, as, and if declared by the Board of Directors. Holders of Series B Preferred Stock were entitled to receive quarterly dividends based on 3-month LIBOR plus 170 basis points per annum in arrears, until the transition to SOFR in the third quarter of 2023. The first dividends on our Series B Preferred Stock that were based on a SOFR rate were declared dividends paid on December 15, 2023, which were based on the adjusted 3-month CME Term SOFR plus 170 basis points per annum in arrears, where the adjusted 3-month CME Term SOFR includes the LIBOR Benchmark Replacement Adjustment of 26.161 basis points. Upon liquidation or dissolution of the Company, holders of the Series B Preferred Stock are entitled to receive $100 per share, plus an amount equal to accrued and unpaid dividends for the then current quarterly dividend period, pro rata, and before any distribution of assets is made to holders of our common stock.

Common Stock

Our shareholders have authorized the issuance of 1.125 billion shares of common stock (par value of $0.20). At December 31, 2024, 210 million shares were issued and outstanding and 33 million shares were unissued but encumbered for outstanding stock options, restricted stock, restricted stock units, performance stock units, and dividend equivalent units for employee compensation and remaining authority for stock-based compensation plans.

Common Stock Dividends

In the year ended December 31, 2024, we paid a total common stock dividend of $0.46 per common share. In both the years ended December 31, 2023 and 2022, we paid a total common stock dividend of $0.44 per common share. Common stock dividend declarations are subject to determination by, and the discretion of, our Board of Directors. We may change our common stock dividend policy at any time.

We are dependent on funds obtained from the Bank to fund dividend payments. Regulatory and other legal restrictions may limit our ability to transfer funds freely, either to or from our subsidiaries. In particular, the Bank is subject to laws and regulations that authorize regulatory bodies to block or reduce the flow of funds to us, or that prohibit such transfers altogether in certain circumstances. These laws, regulations, and rules may hinder our ability to access funds that we may need to make payments in respect of our stock or to satisfy our other responsibilities. The FDIC has the authority to prohibit or limit the payment of dividends by the Bank and SLM Corporation.

Share Repurchases

In January 2020, we announced a share repurchase program of up to $600 million of common stock. This program expired in January 2022. In January 2021, we announced an additional share repurchase program of up to $1.25 billion of common stock (the “2021 Share Repurchase Program”) that expired in January 2023. In October 2021, our Board of Directors approved a $250 million increase in the amount of common stock that could be repurchased under the 2021 Share Repurchase Program, resulting in a total authorization of $1.5 billion of common stock. In January 2022, we announced a share repurchase program of up to $1.25 billion of common stock that expired in January 2024.

In January 2024, we announced a new share repurchase program of up to $650 million of common stock (the “2024 Share Repurchase Program”). The program expires in February 2026. We had $402 million of capacity remaining under the 2024 Share Repurchase Program at December 31, 2024.

Under the above share repurchase programs, repurchases could occur from time to time and through a variety of methods, including open market repurchases, repurchases effected through Rule 10b5-1 trading plans, negotiated block purchases, accelerated share repurchase programs, tender offers, or other similar transactions. The timing and volume of any repurchases are subject to market conditions, and there can be no guarantee that the Company will repurchase up to the limit of the 2024 Share Repurchase Program.

Share Repurchases under our Rule 10b5-1 Trading Plans

During the years ended December 31, 2024, 2023, and 2022, we repurchased 12 million, 22 million, and 40 million shares, respectively, of our common stock at a total cost of $250 million, $349 million, and $708 million, respectively, under Rule 10b5-1 trading plans authorized under our share repurchase programs.

The following table summarizes our common share repurchases and issuances associated with these programs.


Years Ended December 31, (shares and per share amounts in actuals)	2024		2023		2022
Common stock repurchased under repurchase programs(1)	11,586,103		22,341,595		40,253,548
Average purchase price per share(2)	$	21.59	$	15.64	$	17.58
Shares repurchased related to employee stock-based compensation plans(3)	749,866		1,099,241		1,135,509
Average purchase price per share	$	20.19	$	15.46	$	18.36
Common shares issued(4)	2,374,379		3,109,276		3,107,768

(1) Common shares purchased under our share repurchase programs. There was $402 million of capacity remaining under the 2024 Share Repurchase Program at December 31, 2024.

(2) Average purchase price per share includes purchase commission costs and excise taxes.

(4) Common shares issued under our various compensation and benefit plans.

The closing price of our common stock on the NASDAQ Global Select Market on December 31, 2024 was $27.58.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Concentrations of Risk (Details)	Dec. 31, 2024
Risks and Uncertainties [Abstract]
Percent of brokered deposit	45.00%

Loans Held for Investment

12 Months Ended

Dec. 31, 2024

Receivables [Abstract]

Loans Held for Investment

Loans held for investment consist solely of Private Education Loans as of December 31, 2024. During the third quarter of 2024, we transferred our remaining FFELP Loan portfolio to loans held for sale and subsequently sold the FFELP Loan portfolio to an unaffiliated third party during the fourth quarter of 2024. We wrote down the FFELP Loan portfolio to its estimated fair value through an adjustment to the allowance for credit losses of $8 million in 2024.

We use “Credit Cards” to refer to the suite of Credit Card loans that we previously held. At September 30, 2022, we transferred our Credit Card portfolio to loans held for sale and subsequently sold the Credit Card portfolio to a third party in May 2023. We recorded a loss of $4 million on the sale of the Credit Card portfolio in 2023.

Our Private Education Loans are made largely to bridge the gap between the cost of higher education and the amount funded through financial aid, government loans, and customers’ resources. Private Education Loans bear the full credit risk of the customer. We manage this risk through risk-performance underwriting strategies and qualified cosigners. Private Education Loans may be fixed-rate or may carry a variable interest rate indexed to SOFR, the Secured Overnight Financing Rate. As of December 31, 2024 and December 31, 2023, 23 percent and 33 percent, respectively, of all our Private Education Loans were indexed to SOFR. We provide incentives for customers to include a cosigner on the loan, and the vast majority of Private Education Loans in our portfolio are cosigned. We also encourage customers to make payments while in school.

The following table summarizes our Private Education Loan sales to unaffiliated third parties for the periods presented.


Years Ended December 31, (dollars in millions)	2024		2023		2022
Loan principal	$	3,418	$	2,927	$	3,126
Capitalized interest	274		226		217
Total Private Education Loans sold	$	3,692	$	3,153	$	3,343

Gain on sale of loans, net	$	255	$	164	$	328

There were VIEs created in the execution of certain of these loan sales; however, based on our consolidation analysis, we are not the primary beneficiary of these VIEs. These transactions qualified for sale treatment and removed the balance of the loans from our balance sheet on the respective settlement dates. We remained the servicer of these loans pursuant to applicable servicing agreements executed in connection with the sales. For additional information, see Note 10, “Borrowings — Unconsolidated Funding Vehicles” in this Form 10-K.

Loans held for investment are summarized as follows:


As of December 31, (dollars in thousands)	2024		2023
Private Education Loans:
Fixed-rate	$	17,093,382	$	13,985,791
Variable-rate	5,141,626		7,040,053
Total Private Education Loans, gross	22,235,008		21,025,844
Deferred origination costs and unamortized premium/ (discount)	103,070		81,554
Allowance for loan losses	(1,435,920)		(1,335,105)
Total Private Education Loans, net	20,902,158		19,772,293

FFELP Loans(1)	—		537,401
Deferred origination costs and unamortized premium/ (discount)	—		1,330
Allowance for loan losses	—		(4,667)
Total FFELP Loans, net	—		534,064
Loans held for investment, net	$	20,902,158	$	20,306,357

(1) FFELP Loans were transferred to loans held for sale during the third quarter of 2024 and subsequently sold to a third party during the fourth quarter of 2024.

The estimated weighted average life of education loans in our portfolio was approximately 5.6 years and 5.0 years at December 31, 2024 and 2023, respectively.

The average balance (net of unamortized premium/(discount)) and the respective weighted average interest rates of loans in our portfolio are summarized as follows:


	2024				2023				2022
Years Ended December 31, (dollars in thousands)	Average Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate
Private Education Loans	$	21,121,545	10.81	%	$	21,039,701	10.86	%	$	20,576,737	9.14	%
FFELP Loans	413,338		7.45		574,218		7.19		662,194		4.62
Total portfolio	$	21,534,883			$	21,613,919			$	21,238,931

Certain Collection Tools — Private Education Loans

Over the course of the last few years, we have made significant changes to our credit administration practices, enhancing our loss mitigation programs through both our forbearance and loan modification offerings. We adjust the terms of loans for certain borrowers when we believe such changes will help our borrowers manage their student loan obligations and achieve better student outcomes, and increase the collectability of the loans. These changes generally take the form of a temporary forbearance of payments, a temporary or permanent interest rate reduction, a temporary or permanent interest rate reduction with a permanent extension of the loan term, and/or a short-term extended repayment or interest-only alternative.

Forbearance allows a borrower to not make scheduled payments for a specified period of time. Our forbearance policies and practices vary depending upon whether a borrower is current or delinquent at the time forbearance is requested, generally with stricter requirements for delinquent borrowers. Using forbearance extends the original term of the loan by the term of forbearance taken. Forbearance does not grant any reduction in the total principal or interest repayment obligation. While a loan is in forbearance status, interest continues to accrue and is capitalized (added to principal) at the end of the forbearance. Interest will not capitalize at the end of certain types of forbearance, such as disaster forbearance, however.

During the first six months following a borrower’s grace period, the borrower may be eligible for extended grace forbearance, which provides temporary payment relief to give the borrower additional time to be in a position to make regular principal and interest payments.

Hardship forbearance may be granted in order to provide temporary payment relief to borrowers who are either current in their payments but demonstrate a need for relief, or who are delinquent in their payments but demonstrate an ability and willingness to repay their obligation. In these circumstances, a borrower’s loan is placed into a forbearance status in limited monthly increments and is reflected in the forbearance status at month-end during this time. At the end of the forbearance period, for borrowers who were current when they entered forbearance, or those who were delinquent but met specific payment requirements curing their delinquency, the borrower will enter repayment status as current. In all instances, the borrowers are expected to begin making scheduled monthly payments at the end of their forbearance periods. This strategy is aimed at assisting borrowers while mitigating the risks of delinquency and default as well as encouraging resolution of delinquent loans.

Disaster forbearance is used to assist borrowers affected by material events, typically federally-declared disasters, including hurricanes, wildfires, floods, and pandemics. We typically grant disaster forbearance to affected borrowers in increments of up to three months at a time, but the disaster forbearance granted generally does not apply toward the 12-month forbearance limit described below.

Currently, we generally grant forbearance in increments of one to two months at a time, for up to 12 months over the life of the loan, although extended grace forbearance is typically granted in one six-month increment and disaster forbearance and certain other limited instances do not apply toward the 12-month limit. We also currently require 12 months of positive payment performance by a borrower (meaning the borrower must make payment in a cumulative amount equivalent to 12 monthly required payments under the loan) between successive grants of forbearance and between forbearance grants and certain other repayment alternatives. This required period of positive payment performance does not apply, however, to extended grace forbearances and is not required for a borrower to receive a contractual interest rate reduction. In addition, we currently limit the participation of delinquent borrowers in certain short-term extended or interest-only repayment alternatives to once in 12 months and twice in five years. We also now count the number of months a borrower receives a short-term extended repayment alternative toward the 12-month forbearance limit described above.

For borrowers experiencing more severe hardship, following evaluation of their ability and willingness to repay, we currently use modification programs tailored to the financial condition of the individual borrower. Pursuant to our modification programs, we may reduce the contractual interest rate on a loan to a rate between 2 percent and 8 percent for a temporary period of two to four years, and in some instances may also permanently extend the final maturity of the loan. For borrowers experiencing the most severe financial conditions, we may permanently reduce the contractual interest rate on a loan to 2 percent for the remaining life of the loan and also permanently extend the final maturity of the loan. Following modification, borrowers who are delinquent but meet specific payment requirements curing their delinquency will be brought current. We currently limit the granting of a permanent extension of the final maturity date of a loan to once over the life of the loan, and the number of interest rate reductions to twice over the life of the loan.

We continually monitor our credit administration practices and may modify them further from time to time based upon performance, industry conventions, and/or regulatory feedback.

The period of delinquency for loans is based on the number of days scheduled payments are contractually past due. As of December 31, 2024 and 2023, we had $142 million and $151 million, respectively, of Private Education Loans held for investment that were more than 90 days delinquent and continue to accrue interest. As of December 31, 2023, $45 million of FFELP Loans held for investment were more than 90 days delinquent that continued to accrue interest. We sold the FFELP Loan portfolio to an unaffiliated third party during the fourth quarter of 2024. At December 31, 2024 and December 31, 2023, we had an immaterial amount of loans in nonaccrual status.

Borrower-in-Custody Arrangements

We maintain Borrower-in-Custody arrangements with the FRB. Under these arrangements, we can pledge FFELP Loans or Private Education Loans to the FRB to secure any advances and accrued interest generated under the Primary Credit program at the FRB. As of December 31, 2024 and 2023, we had $2.3 billion and $1.4 billion, respectively, of Private Education Loans pledged to this borrowing facility, as discussed further in Note 10, “Borrowings” in this Form 10-K. We did not have any FFELP Loans pledged at December 31, 2024 or 2023.

Loans Held for Investment by Region

At December 31, 2024 and 2023, 43.8 percent and 43.5 percent, respectively, of total education loans were concentrated in the following states:


As of December 31,	2024		2023
California	10.2	%	10.1	%
New York	9.0		9.0
Pennsylvania	7.1		7.2
Texas	6.6		6.3
New Jersey	5.6		5.6
Florida	5.3		5.3
	43.8	%	43.5	%

No other state had a concentration of total education loans in excess of 5 percent of the aggregate outstanding education loans held for investment.

Goodwill and Acquired Intangible Assets - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		12 Months Ended
	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Jul. 21, 2023
Finite-Lived Intangible Assets [Line Items]
Goodwill		$ 56		$ 56
Amortized intangible assets				5	$ 10
Expected amortization of 2025		4		4
Expected amortization of 2026		3		3
Expected amortization of 2027		1		$ 1
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration]					Acquired intangible assets impairment and amortization expense
Nitro \| Tradename and trademarks
Finite-Lived Intangible Assets [Line Items]
Impairment of intangible assets	$ 56		$ 56
Scholly, Inc.
Finite-Lived Intangible Assets [Line Items]
Goodwill						$ 5
Scholly, Inc. \| Partner relationship
Finite-Lived Intangible Assets [Line Items]
Impairment of intangible assets		$ 1

Income Taxes - Reconciliations of Statutory U.S. Federal Income Tax Rates to Our Effective Tax Rate for Continuing Operations (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Statutory rate	21.00%	21.00%	21.00%
State tax, net of federal benefit	2.30%	3.80%	4.10%
Business credits	(2.00%)	(1.30%)	(1.50%)
Other, net	2.50%	1.80%	2.00%
Effective tax rate	23.80%	25.30%	25.60%

Regulatory Capital (Tables)

12 Months Ended

Dec. 31, 2024

Regulatory Assets and Liabilities Disclosure [Abstract]

Schedule of Compliance with Regulatory Capital Requirements Under Banking Regulations

At December 31, 2024, the adjusted transition amounts that were deferred and are being phased in for regulatory capital purposes are as follows:


	Adjusted Transition Amounts		Phase-In Amounts for the Year Ended		Phase-In Amounts for the Year Ended		Phase-In Amounts for the Year Ended		Remaining Adjusted Transition Amounts to be Phased-In
(Dollars in thousands)	December 31, 2021		December 31, 2022		December 31, 2023		December 31, 2024		December 31, 2024

Retained earnings	$	836,351	$	(209,088)	$	(209,088)	$	(209,088)	$	209,087
Allowance for credit losses	1,038,145		(259,536)		(259,536)		(259,536)		259,537
Liability for unfunded commitments	104,377		(26,094)		(26,094)		(26,095)		26,094
Deferred tax asset	306,171		(76,542)		(76,542)		(76,543)		76,544

The following capital amounts and ratios are based upon the Bank’s average assets and risk-weighted assets, as indicated. The Bank has elected to exclude accumulated other comprehensive income related to both available-for-sale investments and swap valuations from Common Equity Tier 1 Capital. At December 31, 2024 and December 31, 2023, the unrealized loss on available-for-sale investments included in other comprehensive income totaled $83 million and $115 million, net of tax of $27 million and $37 million, respectively. The capital ratios would remain above the well capitalized thresholds, including applicable capital conservation buffers, if the unrealized loss became fully recognized into capital.


(Dollars in thousands)	Actual				U.S. Basel III Minimum Requirements Plus Buffer(1)(2)
	Amount		Ratio		Amount			Ratio
As of December 31, 2024(3):
Common Equity Tier 1 Capital (to Risk-Weighted Assets)	$	2,957,067	11.3	%	$	1,827,318	>	7.0	%
Tier 1 Capital (to Risk-Weighted Assets)	$	2,957,067	11.3	%	$	2,218,886	>	8.5	%
Total Capital (to Risk-Weighted Assets)	$	3,294,663	12.6	%	$	2,740,976	>	10.5	%
Tier 1 Capital (to Average Assets)	$	2,957,067	9.7	%	$	1,213,505	>	4.0	%

As of December 31, 2023(3):
Common Equity Tier 1 Capital (to Risk-Weighted Assets)	$	3,019,973	12.3	%	$	1,719,621	>	7.0	%
Tier 1 Capital (to Risk-Weighted Assets)	$	3,019,973	12.3	%	$	2,088,111	>	8.5	%
Total Capital (to Risk-Weighted Assets)	$	3,334,140	13.6	%	$	2,579,432	>	10.5	%
Tier 1 Capital (to Average Assets)	$	3,019,973	10.2	%	$	1,184,213	>	4.0	%

(1)Reflects the U.S. Basel III minimum required ratio plus the applicable capital conservation buffer.

(2)The Bank’s regulatory capital ratios also exceeded all applicable standards for the Bank to qualify as “well capitalized” under the prompt corrective action framework.

(3)For both December 31, 2024 and 2023, the actual amounts and the actual ratios include the respective adjusted transition amounts discussed above that were phased in at the beginning of 2024 and 2023.

Allowance for Credit Losses and Unfunded Loan Commitments - Accrued Interest Receivable (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Receivables [Abstract]
Total Interest Receivable	$ 1,549,415	$ 1,354,565
90 Days or Greater Past Due	6,420	8,373
Allowance for uncollectible interest	12,366	9,897
Accrued interest receivable not expected to be capitalized	164,000	151,000
Accrued interest receivable expected to be capitalized reserved	$ 1,400,000	$ 1,200,000

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following table illustrates the significant expense categories and amounts regularly provided to the CEO.


Years Ended December 31, (dollars in thousands)	2024		2023		2022
Non-interest expenses:
Compensation and benefits	$	349,387	$	326,554	$	270,354
Professional fees	129,472		145,062		164,226
Technology expenses	57,431		54,942		48,561
FDIC assessment fees	51,606		45,766		20,939
Other operating expenses	48,674		46,882		47,382
Total operating expenses	636,570		619,206		551,462
Acquired intangible assets impairment and amortization expense	5,329		66,364		7,779
Total non-interest expenses	$	641,899	$	685,570	$	559,241

Investments

12 Months Ended

Dec. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Investments

Trading Investments

We periodically sell Private Education Loans through securitization transactions where we are required to retain a five percent vertical risk retention interest (i.e., five percent of each class issued in the securitizations). We classify those vertical risk retention interests related to the transactions as available-for-sale investments, except for the interest in the residual classes, which we classify as trading investments recorded at fair value with changes recorded through earnings.

At December 31, 2022, we had a $5 million investment in a convertible debt security classified as a trading investment. In March 2023, this security, and the related accrued interest, was converted into equity securities classified as investments in non-marketable securities.

At December 31, 2024 and 2023, we had $53 million and $54 million, respectively, classified as trading investments.

Available-for-Sale Investments

The amortized cost and fair value of securities available for sale are as follows:


As of December 31, 2024 (dollars in thousands)	Amortized Cost		Allowance for credit losses(1)		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Available for sale:
Mortgage-backed securities	$	516,358	$	—	$	205	$	(73,235)	$	443,328
Utah Housing Corporation bonds	2,849		—		—		(490)		2,359
U.S. government-sponsored enterprises and Treasuries	948,009		—		—		(32,265)		915,744
Other securities	575,257		—		8,633		(12,095)		571,795
Total	$	2,042,473	$	—	$	8,838	$	(118,085)	$	1,933,226

As of December 31, 2023 (dollars in thousands)	Amortized Cost		Allowance for credit losses(1)		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Available for sale:
Mortgage-backed securities	$	468,204	$	—	$	703	$	(62,480)	$	406,427
Utah Housing Corporation bonds	3,408		—		—		(279)		3,129
U.S. government-sponsored enterprises and Treasuries	1,645,609		—		—		(66,870)		1,578,739
Other securities	446,763		—		603		(24,039)		423,327
Total	$	2,563,984	$	—	$	1,306	$	(153,668)	$	2,411,622

(1) Represents the amount of impairment that has resulted from credit-related factors and that was recognized in the consolidated balance sheets (as a credit loss expense on available-for-sale securities). The amount excludes unrealized losses related to non-credit factors.

The following table summarizes the amount of gross unrealized losses for our available-for-sale securities and the estimated fair value for securities having gross unrealized loss positions, categorized by length of time the securities have been in an unrealized loss position:


	Less than 12 months				12 months or more				Total
As of December 31, (dollars in thousands)	Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value
2024:
Mortgage-backed securities	$	(2,723)	$	137,585	$	(70,512)	$	290,257	$	(73,235)	$	427,842
Utah Housing Corporation bonds	—		—		(490)		2,359		(490)		2,359
U.S. government-sponsored enterprises and Treasuries	—		—		(32,265)		915,744		(32,265)		915,744
Other securities	(74)		11,579		(12,021)		182,215		(12,095)		193,794
Total	$	(2,797)	$	149,164	$	(115,288)	$	1,390,575	$	(118,085)	$	1,539,739

2023:
Mortgage-backed securities	$	(531)	$	51,391	$	(61,949)	$	300,318	$	(62,480)	$	351,709
Utah Housing Corporation bonds	—		—		(279)		3,129		(279)		3,129
U.S. government-sponsored enterprises and Treasuries	—		—		(66,870)		1,578,739		(66,870)		1,578,739
Other securities	(2,221)		90,725		(21,818)		241,253		(24,039)		331,978
Total	$	(2,752)	$	142,116	$	(150,916)	$	2,123,439	$	(153,668)	$	2,265,555

At December 31, 2024 and 2023, 236 of 278 and 213 of 248, respectively, of our available-for-sale securities were in an unrealized loss position.

Impairment

For available-for-sale securities in an unrealized loss position, we first assess whether we intend to sell, or it is more likely than not that we will be required to sell, the security before recovery of its amortized cost basis. If either of these criteria are met, the security’s amortized cost basis is written down to fair value through net income. For securities in an unrealized loss position that do not meet these criteria, we evaluate whether the decline in fair value has resulted from credit loss or other factors. In making this assessment, we consider the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, adverse conditions specifically related to the security, as well as any guarantees (e.g., guarantees by the U.S. Government) that may be applicable to the security. If this assessment indicates a credit loss exists, the credit-related portion of the loss is recorded as an allowance for losses on the security.

Our investment portfolio contains mortgage-backed securities issued by Ginnie Mae, Fannie Mae, and Freddie Mac, as well as Utah Housing Corporation bonds. We own these securities to meet our requirements under the Community Reinvestment Act (“CRA”). We also invest in other U.S. government-sponsored enterprise securities issued by the Federal Home Loan Banks, Freddie Mac, and the Federal Farm Credit Bank. Our mortgage-backed securities that were issued under Ginnie Mae programs carry a full faith and credit guarantee from the U.S. Government. The remaining mortgage-backed securities in a net loss position carry a principal and interest guarantee by Fannie Mae or Freddie Mac, respectively. Our Treasury and other U.S. government-sponsored enterprise bonds are rated Aaa by Moody’s Investors Service or AA+ by Standard and Poor’s. We have the intent and ability to hold these bonds for a period of time sufficient for the market price to recover to at least the adjusted amortized cost of the security. Based on this qualitative analysis, we have determined that no credit impairment exists.

We periodically sell Private Education Loans through securitization transactions where we are required to retain a five percent vertical risk retention interest. We classify the non-residual vertical risk retention interests as available-for-sale investments. We have the intent and ability to hold each of these bonds for a period of time sufficient for the market price to recover to at least the adjusted amortized cost of the security. We expect to receive all contractual cash flows related to these investments and do not consider a credit impairment to exist.

As of December 31, 2024, the amortized cost and fair value of securities, by contractual maturities, are summarized below. Contractual maturities versus actual maturities may differ due to the effect of prepayments.


As of December 31, 2024 Year of Maturity (dollars in thousands)	Amortized Cost		Estimated Fair Value
2025	$	299,816	$	298,648
2026	549,175		520,793
2027	99,018		96,303
2038	66		66
2039	551		531
2042	2,112		1,793
2043	3,761		3,299
2044	4,085		3,651
2045	4,518		3,919
2046	6,953		5,965
2047	6,704		5,781
2048	1,702		1,481
2049	14,838		12,842
2050	101,145		78,475
2051	144,694		111,058
2052	58,268		50,497
2053	297,695		294,197
2054	142,209		135,800
2055	71,611		70,409
2056	194,173		197,363
2058	39,379		40,355
Total	$	2,042,473	$	1,933,226

Some of the mortgage-backed securities and a portion of the government securities have been pledged to the FRB as collateral against any advances and accrued interest under the Primary Credit lending program sponsored by the FRB. We had $610 million and $612 million par value of securities pledged to this borrowing facility at December 31, 2024 and 2023, respectively, as discussed further in Note 10, “Borrowings” in this Form 10-K.

Other Investments

Investments in Non-Marketable Securities

We hold investments in non-marketable securities and account for these investments at cost, less impairment, plus or minus observable price changes of identical or similar securities of the same issuer. Changes in market value are recorded through earnings. Because these are non-marketable securities, we use observable price changes of identical or similar securities of the same issuer, or when observable prices are not available, use market data of similar entities, in determining any changes in the value of the securities. In the third quarter of 2024, we funded a new investment in non-marketable securities of an issuer whose securities we have not previously purchased. In March 2023, our $5 million investment in a convertible debt security, classified as a trading investment, and the related accrued interest were converted into equity securities and were reclassified to investments in non-marketable securities. In the fourth quarter of 2022, we determined that our investment in an issuer whose equity securities we purchased in the past was impaired. As such, we wrote down the value based upon an estimate of the value of these securities and recorded a loss of $60 million in “gains (losses) on securities, net” in the consolidated statements of income in 2022. At December 31, 2024 and December 31, 2023, our total investment in non-marketable securities was $24 million and $14 million, respectively.

Low Income Housing Tax Credit Investments

We invest in affordable housing projects that qualify for the LIHTC, which is designed to promote private development of low-income housing. These investments generate a return mostly through realization of federal tax credits and tax benefits from net operating losses on the underlying properties. We recognized $13 million, $11 million, and $9 million of tax credits and other tax benefits associated with investments in affordable housing projects within income tax expense for the years ended December 31, 2024, 2023, and 2022, respectively. The amount of amortization of such investments reported in income tax expense was $10 million, $9 million, and $7 million for the years ended December 31, 2024, 2023, and 2022, respectively. Total carrying value of the LIHTC investments was $82 million at December 31, 2024 and $72 million at December 31, 2023. We are periodically required to provide additional financial support during the investment period. Our liability for these unfunded commitments was $30 million at December 31, 2024 and $30 million at December 31, 2023.

Investments - Maturity Table (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 2,042,473	$ 2,563,984
Estimated Fair Value	1,933,226	$ 2,411,622
2025
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	299,816
Estimated Fair Value	298,648
2026
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	549,175
Estimated Fair Value	520,793
2027
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	99,018
Estimated Fair Value	96,303
2038
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	66
Estimated Fair Value	66
2039
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	551
Estimated Fair Value	531
2042
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,112
Estimated Fair Value	1,793
2043
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	3,761
Estimated Fair Value	3,299
2044
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	4,085
Estimated Fair Value	3,651
2045
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	4,518
Estimated Fair Value	3,919
2046
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	6,953
Estimated Fair Value	5,965
2047
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	6,704
Estimated Fair Value	5,781
2048
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,702
Estimated Fair Value	1,481
2049
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	14,838
Estimated Fair Value	12,842
2050
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	101,145
Estimated Fair Value	78,475
2051
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	144,694
Estimated Fair Value	111,058
2052
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	58,268
Estimated Fair Value	50,497
2053
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	297,695
Estimated Fair Value	294,197
2054
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	142,209
Estimated Fair Value	135,800
2055
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	71,611
Estimated Fair Value	70,409
2056
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	194,173
Estimated Fair Value	197,363
2058
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	39,379
Estimated Fair Value	$ 40,355

Derivative Financial Instruments - Schedule of Hedged Items Recorded in Statement of Financial Position (Details) - Deposits - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Carrying Amount of the Hedged Assets/(Liabilities)	$ (279,908)	$ (689,137)
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities)	$ 1,420	$ 12,910

Regulatory Capital

12 Months Ended

Dec. 31, 2024

Regulatory Assets and Liabilities Disclosure [Abstract]

Regulatory Capital

The Bank is subject to various regulatory capital requirements administered by the FDIC and the UDFI. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material adverse effect on our business, results of operations, and financial position. Under the FDIC’s regulations implementing the Basel III capital framework (“U.S. Basel III”) and the regulatory framework for prompt corrective action, the Bank must meet specific capital standards that involve quantitative measures of its assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and its classification under the prompt corrective action framework are also subject to qualitative judgments by the regulators about components of capital, risk weightings, and other factors.

The Bank is subject to the following minimum capital ratios under U.S. Basel III: a Common Equity Tier 1 risk-based capital ratio of 4.5 percent, a Tier 1 risk-based capital ratio of 6.0 percent, a Total risk-based capital ratio of 8.0 percent, and a Tier 1 leverage ratio of 4.0 percent. In addition, the Bank is subject to a Common Equity Tier 1 capital conservation buffer of greater than 2.5 percent. Failure to maintain the buffer will result in restrictions on the Bank’s ability to make capital distributions, including the payment of dividends, and to pay discretionary bonuses to executive officers. Including the buffer, the Bank is required to maintain the following capital ratios under U.S. Basel III in order to avoid such restrictions: a Common Equity Tier 1 risk-based capital ratio of greater than 7.0 percent, a Tier 1 risk-based capital ratio of greater than 8.5 percent, and a Total risk-based capital ratio of greater than 10.5 percent.

To qualify as “well capitalized” under the prompt corrective action framework for insured depository institutions, the Bank must maintain a Common Equity Tier 1 risk-based capital ratio of at least 6.5 percent, a Tier 1 risk-based capital ratio of at least 8.0 percent, a Total risk-based capital ratio of at least 10.0 percent, and a Tier 1 leverage ratio of at least 5.0 percent.

In July 2023, the federal banking agencies proposed a rule to implement significant changes to the U.S. Basel III regulatory capital requirements. The proposed changes to the regulatory capital requirements generally would amend or introduce approaches and methodologies that would apply to banking organizations with total consolidated assets of $100 billion or more or to banking organizations with significant trading activity. The proposed rule therefore would not affect the Bank’s capital requirements or the calculation of its capital ratios.

Under regulations issued by the FDIC and other federal banking agencies, banking organizations that adopted CECL during the 2020 calendar year, including the Bank, could elect to delay for two years, and then phase in over the following three years, the effects on regulatory capital of CECL relative to the incurred loss methodology. The Bank elected to use this option. Therefore, the regulatory capital impact of the Bank’s transition adjustments recorded on January 1, 2020 from the adoption of CECL, and 25 percent of the ongoing impact of CECL on the Bank’s allowance for credit losses, retained earnings, and average total consolidated assets, each as reported for regulatory capital purposes (collectively, the “adjusted transition amounts”), were deferred for the two-year period ending January 1, 2022. On each of January 1 of 2022, 2023 and 2024, 25 percent of the adjusted transition amounts was phased in for regulatory capital purposes. On January 1, 2025, the remaining 25 percent of the adjusted transition amounts was phased in for regulatory capital purposes, with the phased-in amounts included in regulatory capital at the beginning of the year. The Bank’s January 1, 2020 CECL transition amounts increased our allowance for credit losses by $1.1 billion, increased the liability representing our off-balance sheet exposure for unfunded commitments by $116 million, and increased our deferred tax asset by $306 million, resulting in a cumulative effect adjustment that reduced retained earnings by $953 million. This transition adjustment was inclusive of qualitative adjustments incorporated into our CECL allowance as necessary, to address any limitations in the models used.

At December 31, 2024, the adjusted transition amounts that were deferred and are being phased in for regulatory capital purposes are as follows:


	Adjusted Transition Amounts		Phase-In Amounts for the Year Ended		Phase-In Amounts for the Year Ended		Phase-In Amounts for the Year Ended		Remaining Adjusted Transition Amounts to be Phased-In
(Dollars in thousands)	December 31, 2021		December 31, 2022		December 31, 2023		December 31, 2024		December 31, 2024

Retained earnings	$	836,351	$	(209,088)	$	(209,088)	$	(209,088)	$	209,087
Allowance for credit losses	1,038,145		(259,536)		(259,536)		(259,536)		259,537
Liability for unfunded commitments	104,377		(26,094)		(26,094)		(26,095)		26,094
Deferred tax asset	306,171		(76,542)		(76,542)		(76,543)		76,544

The Bank’s required and actual regulatory capital amounts and ratios, including applicable capital conservation buffers, under U.S. Basel III are shown in the following table. The following capital amounts and ratios are based upon the Bank’s average assets and risk-weighted assets, as indicated. The Bank has elected to exclude accumulated other comprehensive income related to both available-for-sale investments and swap valuations from Common Equity Tier 1 Capital. At December 31, 2024 and December 31, 2023, the unrealized loss on available-for-sale investments included in other comprehensive income totaled $83 million and $115 million, net of tax of $27 million and $37 million, respectively. The capital ratios would remain above the well capitalized thresholds, including applicable capital conservation buffers, if the unrealized loss became fully recognized into capital.


(Dollars in thousands)	Actual				U.S. Basel III Minimum Requirements Plus Buffer(1)(2)
	Amount		Ratio		Amount			Ratio
As of December 31, 2024(3):
Common Equity Tier 1 Capital (to Risk-Weighted Assets)	$	2,957,067	11.3	%	$	1,827,318	>	7.0	%
Tier 1 Capital (to Risk-Weighted Assets)	$	2,957,067	11.3	%	$	2,218,886	>	8.5	%
Total Capital (to Risk-Weighted Assets)	$	3,294,663	12.6	%	$	2,740,976	>	10.5	%
Tier 1 Capital (to Average Assets)	$	2,957,067	9.7	%	$	1,213,505	>	4.0	%

As of December 31, 2023(3):
Common Equity Tier 1 Capital (to Risk-Weighted Assets)	$	3,019,973	12.3	%	$	1,719,621	>	7.0	%
Tier 1 Capital (to Risk-Weighted Assets)	$	3,019,973	12.3	%	$	2,088,111	>	8.5	%
Total Capital (to Risk-Weighted Assets)	$	3,334,140	13.6	%	$	2,579,432	>	10.5	%
Tier 1 Capital (to Average Assets)	$	3,019,973	10.2	%	$	1,184,213	>	4.0	%

(1)Reflects the U.S. Basel III minimum required ratio plus the applicable capital conservation buffer.

(2)The Bank’s regulatory capital ratios also exceeded all applicable standards for the Bank to qualify as “well capitalized” under the prompt corrective action framework.

Bank Dividends

The Bank is chartered under the laws of the State of Utah and its deposits are insured by the FDIC. The Bank’s ability to pay dividends is subject to the laws of Utah and the regulations of the FDIC. Generally, under Utah’s industrial bank laws and regulations as well as FDIC regulations, the Bank may pay dividends from its net profits without regulatory approval if, following the payment of the dividend, the Bank’s capital and surplus would not be impaired. The Company

relies on dividends from the Bank, as necessary, to enable the Company to pay any declared dividends and other payments and consummate share repurchases, as described herein. The Bank declared $570 million, $550 million, and $700 million in dividends to the Company for the years ended December 31, 2024, 2023, and 2022, respectively, with the proceeds primarily used to fund share repurchase programs and stock dividends. In the future, we expect that the Bank will pay dividends to the Company as may be necessary to enable the Company to pay any declared dividends on its Series B Preferred Stock and common stock and to consummate any common share repurchases by the Company under its repurchase programs.

- Definition

The entire disclosure for regulatory capital requirement for depository and lending institutions. Institutions include, but not are not limited to, finance company, insured depository institution, bank holding company, savings and loan association holding company, bank and savings institution not federally insured, mortgage company, foreign financial institution and credit union.

+ References + Details

Stock-Based Compensation Plans and Arrangements - Stock Option Activity (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Number of Options
Beginning balance (in shares)	1,066,197
Granted (in shares)	0
Exercised (in shares)	(65,668)
Canceled (in shares)	0
Ending balance (in shares)	1,000,529	1,066,197
Exercisable (in shares)	933,223
Weighted Average Exercise Price per Share
Beginning balance (in dollars per share)	$ 17.59
Granted (in dollars per share)	0
Exercised (in dollars per share)	17.65
Canceled (in dollars per share)	0
Ending balance (in dollars per share)	17.59	$ 17.59
Exercisable (in dollars per share)	$ 17.65
Weighted Average Remaining Contractual Term
Weighted Average Remaining Contractual Term, Outstanding, ending balance	6 years 2 months 12 days
Weighted Average Remaining Contractual Term, Exercisable, ending balance	6 years 1 month 6 days
Aggregate Intrinsic Value
Aggregate Intrinsic Value, Outstanding, ending balance	$ 9,997,000
Aggregate Intrinsic Value, Exercisable, ending balance	9,267,000
Total intrinsic value of options exercised	300,000	$ 0	$ 0
Cash received from option exercises	1,000,000
Tax benefit from exercise of stock options	$ 1,000,000

Allowance for Credit Losses and Unfunded Loan Commitments - Schedule of Allowance for Credit Losses and Recorded Investments in Loans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Allowance
Beginning balance	$ 112,962	$ 124,924	$ 72,713
Provision	283,393	308,275	396,521
Transfer - funded loans	(311,787)	(320,237)	(344,310)
Ending balance	84,568	112,962	124,924
Unfunded Commitments
Beginning balance	2,221,077	1,995,808	1,776,976
Provision/New commitments - net	7,103,832	6,602,803	6,180,805
Transfer - funded loans	(7,013,249)	(6,377,534)	(5,961,973)
Ending balance	$ 2,311,660	$ 2,221,077	$ 1,995,808

Borrowings - Stated Maturity and Maturity to Call Date (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Debt Instrument [Line Items]
Stated maturity, 2025	$ 4,086,141
Stated maturity, 2026	3,162,057
Stated maturity, 2027	1,606,381
Stated maturity, 2028	789,080
Stated maturity, 2029	1,252,527
Stated maturity, 2030 and after	1,764,900
Total principal amount, maturity to call date	12,661,086
Hedge accounting adjustments	(241)
Total principal amount, after adjustments	12,660,845
Brokered CDs
Debt Instrument [Line Items]
Stated maturity, 2025	2,763,401
Stated maturity, 2026	1,824,607
Stated maturity, 2027	783,061
Stated maturity, 2028	146,282
Stated maturity, 2029	683,748
Stated maturity, 2030 and after	0
Total principal amount, maturity to call date	6,201,099
Hedge accounting adjustments	(241)
Total principal amount, after adjustments	6,200,858
Unsecured Debt
Debt Instrument [Line Items]
Stated maturity, 2025	498,897
Stated maturity, 2026	496,523
Stated maturity, 2027	0
Stated maturity, 2028	0
Stated maturity, 2029	0
Stated maturity, 2030 and after	0
Total principal amount, maturity to call date	995,420
Hedge accounting adjustments	0
Total principal amount, after adjustments	995,420
Secured Borrowings
Debt Instrument [Line Items]
Stated maturity, 2025	823,843
Stated maturity, 2026	840,927
Stated maturity, 2027	823,320
Stated maturity, 2028	642,798
Stated maturity, 2029	568,779
Stated maturity, 2030 and after	1,764,900
Total principal amount, maturity to call date	5,464,567
Hedge accounting adjustments	0
Total principal amount, after adjustments	$ 5,464,567

Loans Held for Investment - Schedule of Allowance for Credit Losses and Recorded Investments in Loans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gains on sales of loans, net	$ 254,928	$ 160,290	$ 327,750
Private Education Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan principal	3,418	2,927	3,126
Capitalized interest	274	226	217
Total Private Education Loans sold	3,692	3,153	3,343
Gains on sales of loans, net	$ 255	$ 164	$ 328

Defined Contribution Plans	12 Months Ended
Defined Contribution Plans	Dec. 31, 2024
Retirement Benefits [Abstract]
Defined Contribution Plans	Defined Contribution Plans We participate in a defined contribution plan which is intended to qualify under section 401(k) of the Internal Revenue Code. The Sallie Mae 401(k) Savings Plan covers substantially all employees. After six months of service, we match 100 percent of the first five percent of contributions for eligible employees. For the years ended December 31, 2024, 2023, and 2022, we contributed $10 million, $8 million, and $7 million, respectively, to this plan.

Goodwill and Acquired Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Acquired Intangible Assets

Acquired intangible assets include the following:


As of December 31, (dollars in thousands)		2024						2023
	Useful Life (in years)(1)	Cost Basis		Accumulated Amortization		Net		Cost Basis		Accumulated Amortization		Net
Trade name and trademarks(2)(3)	4.0	$	6,040	$	(2,139)	$	3,901	$	6,040	$	(629)	$	5,411
Customer relationships(2)	4.6	8,920		(6,465)		2,455		8,920		(4,013)		4,907
Developed technology(2)	3.5	2,590		(1,661)		929		2,590		(908)		1,682
Partner relationships(4)	—	—		—		—		730		(122)		608
Sallie.com domain	4.0	150		(6)		144		—		—		—
Total acquired intangible assets		$	17,700	$	(10,271)	$	7,429	$	18,280	$	(5,672)	$	12,608

(2) Trade name and trademarks, customer relationships, and developed technology at December 31, 2024 include $4 million, $1 million, and $1 million, respectively, related to the Scholly acquisition.

(3) In 2023, we fully impaired the Nitro trade name and trademarks asset for $56 million.

(4) In 2024, we fully impaired the Scholly partner relationships asset for less than $1 million.

Premises and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

The following is a summary of our premises and equipment.


As of December 31, (dollars in thousands)	2024		2023
Land and land improvements	$	12,356	$	12,356
Buildings and leasehold improvements	124,568		122,301
Furniture, fixtures, and equipment	35,519		34,068
Software	115,132		106,422
Premises and equipment, gross	287,575		275,147
Accumulated depreciation	(168,221)		(145,646)
Premises and equipment, net	$	119,354	$	129,501

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2024
Audit Information [Abstract]
Auditor Name	KPMG LLP
Auditor Location	McLean, Virginia
Auditor Firm ID	185

Significant Accounting Policies - Allowance for FFELP Loans and Loan Interest Income (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage reimbursement on all qualifying default claims period two (as a percentage)		97.00%
Percentage reimbursement on all qualifying default claims period one (as a percentage)		98.00%
Variable rate		100.00%
Maximum loss exposure due to federal guarantee		3.00%
Basis points		0.0105
Loans in nonaccrual status		$ 0	$ 0
Percent of private education loans related to borrowers in school, grace or deferment		26.00%	25.00%
Credit Cards
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gain (loss) on sale of financing receivable	$ (8,000,000)		$ (4,000,000)
Credit Card
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable allowance for credit loss, transfer to held-to-sale		$ 2,400,000

Borrowings - Long Term Borrowings Narrative (Details) - USD ($)		12 Months Ended
	Nov. 01, 2021	Dec. 31, 2024	Dec. 31, 2023	Feb. 18, 2025	Jan. 31, 2025	Nov. 30, 2024	Aug. 31, 2024	May 31, 2024	Aug. 31, 2023	Mar. 31, 2023	Dec. 31, 2022	Oct. 29, 2020
Debt Instrument [Line Items]
Notes Issued		$ 2,216,000,000	$ 1,147,000,000
Loan Principal		2,150,266,000	1,001,058,000
Capitalized Interest		$ 177,337,000	$ 68,143,000
Estimated weighted average life of student loans		5 years 7 months 6 days	5 years
Senior Unsecured Notes Due October 29, 2025 \| Unsecured Debt
Debt Instrument [Line Items]
Notes Issued		$ 499,000,000										$ 500,000,000
Interest rate												4.20%
Senior Unsecured Notes Due October 29, 2025 \| Unsecured Debt \| Subsequent Event
Debt Instrument [Line Items]
Interest rate				4.20%
Senior Unsecured Notes Due November 2, 2026 \| Unsecured Debt
Debt Instrument [Line Items]
Notes Issued	$ 500,000,000	496,000,000
Interest rate	3.125%
Issuance price	99.43%
2024-C ABS Transaction
Debt Instrument [Line Items]
Notes Issued								$ 668,000,000
Loan Principal		646,550,000
Capitalized Interest		52,968,000
2024-E ABS Transaction
Debt Instrument [Line Items]
Notes Issued							$ 868,000,000
Loan Principal		841,355,000
Capitalized Interest		69,238,000
2024-F ABS Transaction
Debt Instrument [Line Items]
Notes Issued						$ 680,000,000
Loan Principal		662,361,000
Capitalized Interest		55,131,000
2023-A ABS Transaction
Debt Instrument [Line Items]
Notes Issued										$ 579,000,000
Loan Principal			$ 484,551,000
Capitalized Interest			32,856,000
2023-C ABS Transaction
Debt Instrument [Line Items]
Notes Issued									$ 568,000,000
Loan Principal			516,507,000
Capitalized Interest			$ 35,287,000
ABS Transactions
Debt Instrument [Line Items]
Private education loan term accounted for as a secured financing											$ 10,380,000,000
Private Education Loans
Debt Instrument [Line Items]
Private education loan term accounted for as a secured financing		3,740,000,000
Loan Principal		3,630,000,000
Capitalized Interest		$ 107,000,000
Senior Unsecured Notes Due February XX 2028 Member \| Unsecured Debt \| Subsequent Event
Debt Instrument [Line Items]
Notes Issued					$ 500,000,000
Interest rate					6.50%

Derivative Financial Instruments - Notional Values (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Notional Values	$ 920,617	$ 1,906,092
Trading
Derivative Instruments, Gain (Loss) [Line Items]
Notional Values	0	0
Cash Flow \| Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Notional Values	639,097	1,203,783
Fair Value \| Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Notional Values	281,520	702,309
Interest Rate Swaps
Derivative Instruments, Gain (Loss) [Line Items]
Notional Values	920,617	1,906,092
Interest Rate Swaps \| Trading
Derivative Instruments, Gain (Loss) [Line Items]
Notional Values	0	0
Interest Rate Swaps \| Cash Flow \| Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Notional Values	639,097	1,203,783
Interest Rate Swaps \| Fair Value \| Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Notional Values	$ 281,520	$ 702,309

Stockholders' Equity - Common Stock (Details) - $ / shares shares in Millions	Dec. 31, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	1,125.0	1,125.0
Common stock, par value (in dollars per share)	$ 0.20	$ 0.20
Common stock, shares issued (in shares)	440.6	438.2
Common Stock
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	1,125.0
Common stock, par value (in dollars per share)	$ 0.20
Common stock, shares issued (in shares)	210.0
Common stock shares outstanding (in shares)	210.0
Common shares unissued but encumbered (in shares)	33.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Allowance for Credit Losses and Unfunded Loan Commitments - Amortized Cost Basis of Financing Receivables with Loan Modifications (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Interest Rate Reduction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 31,966	$ 48,637
% of Total Class of Financing Receivable	0.13%	0.22%
Combination - Interest Rate Reduction and Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 1,003,089	$ 331,889
% of Total Class of Financing Receivable	4.20%	1.48%
Private Education Loans \| Interest Rate Reduction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 31,966	$ 48,637
% of Total Class of Financing Receivable	0.13%	0.22%
Private Education Loans \| Interest Rate Reduction \| Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average contractual rate	3.79%	4.00%
Private Education Loans \| Interest Rate Reduction \| Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average contractual rate	13.22%	13.37%
Private Education Loans \| Combination - Interest Rate Reduction and Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 1,003,089	$ 331,889
% of Total Class of Financing Receivable	4.20%	1.48%
Weighted average life of loans	9 years 2 months 23 days	10 years 2 months 12 days
Private Education Loans \| Combination - Interest Rate Reduction and Term Extension \| Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average contractual rate	3.66%	4.00%
Private Education Loans \| Combination - Interest Rate Reduction and Term Extension \| Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average contractual rate	12.71%	12.92%

Commitments, Contingencies and Guarantees	12 Months Ended
Commitments, Contingencies and Guarantees	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments, Contingencies and Guarantees	Commitments, Contingencies, and Guarantees Commitments When we approve a Private Education Loan at the beginning of an academic year, that approval may cover the borrowing for the entire academic year. As such, we do not always disburse the full amount of the loan at the time of such approval, but instead have a commitment to fund a portion of the loan at a later date (usually at the start of the second semester or subsequent trimesters). We estimate expected credit losses over the contractual period that we are exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by us. At December 31, 2024, we had $2.3 billion of outstanding contractual loan commitments which we expect to fund during the remainder of the 2024/2025 academic year. At December 31, 2024, we had an $85 million reserve recorded in “Other Liabilities” to cover lifetime expected credit losses on the unfunded commitments. See Note 2,“Significant Accounting Policies — Allowance for Credit Losses — Off-Balance Sheet Exposure for Contractual Loan Commitments” and Note 6, “Allowance for Credit Losses and Unfunded Loan Commitments — Unfunded Loan Commitments” in this Form 10-K for additional information. Contingencies In the ordinary course of business, we and our subsidiaries are routinely defendants in or parties to pending and threatened legal actions and proceedings, including actions brought on behalf of various classes of claimants. These actions and proceedings may be based on alleged violations of consumer protection, securities, employment, and other laws. In certain of these actions and proceedings, claims for substantial monetary damage may be asserted against us and our subsidiaries. It is common for the Company, our subsidiaries, and affiliates to receive information and document requests and investigative demands from state attorneys general, legislative committees, and administrative agencies. These requests may be for informational or regulatory purposes and may relate to our business practices, the industries in which we operate, or other companies with whom we conduct business. Our practice has been and continues to be to cooperate with these bodies and be responsive to any such requests. We are required to establish reserves for litigation and regulatory matters where those matters present loss contingencies that are both probable and estimable. When loss contingencies are not both probable and estimable, we do not establish reserves.

Allowance for Credit Losses and Unfunded Loan Commitments

12 Months Ended

Dec. 31, 2024

Receivables [Abstract]

Allowance for Credit Losses and Unfunded Loan Commitments

Our provision for credit losses represents the periodic expense of maintaining an allowance sufficient to absorb lifetime expected credit losses in the held for investment loan portfolios. The evaluation of the allowance for credit losses is inherently subjective, as it requires material estimates that may be susceptible to significant changes. We believe the allowance for credit losses is appropriate to cover lifetime expected losses incurred in the loan portfolios.

When a new loan commitment is made, we record the CECL allowance as a liability for unfunded loan commitments by recording a provision for credit losses. The allowance is recorded in “Other Liabilities” on the consolidated balance sheet. When the loan is funded, we transfer that liability to the allowance for loan losses.

The majority of the total accrued interest receivable on our Private Education Loan portfolio represents accrued interest on deferred loans where no payments are due while the borrower is in school and on fixed-pay loans where the borrower makes a $25 monthly payment that is smaller than the interest accrued on the loan in that month. The allowance for credit losses considers the collectability of both principal and accrued interest. The allowance for uncollectible interest estimates the additional uncollectible interest that is not captured in the allowance for credit losses. See “— Accrued Interest Receivable” in this Note 6 for further discussion.

For the years ended December 31, 2024, 2023, and 2022, the allowance for loan losses, ending total loans, and accrued interest balances were all collectively evaluated for impairment, none of the balances were individually evaluated for impairment.

See Note 2, “Significant Accounting Policies — Allowance for Credit Losses” for a more detailed discussion on our allowance for credit losses accounting policies.

Allowance for Credit Losses Metrics

The following tables provide a summary of the activity in the allowance for loan losses and the allowance for unfunded loan commitments during the years ended December 31, 2024, 2023, and 2022.


Year Ended December 31, 2024 (dollars in thousands)	FFELP Loans			Private Education Loans			Total
Allowance for loan losses, beginning balance	$	4,667		$	1,335,105		$	1,339,772
Transfer from allowance for unfunded loan commitments	—			311,787			311,787
Provisions:
Provision for current period	4,010			357,067			361,077
Loan sale reduction to provision	—			(235,955)			(235,955)

Total provisions(1)	4,010			121,112			125,122
Net charge-offs:
Charge-offs	(380)			(376,840)			(377,220)
Recoveries	—			44,756			44,756
Net charge-offs	(380)			(332,084)			(332,464)
Write-downs arising from transfer of loans to held for sale(2)	(8,297)			—			(8,297)
Allowance for loan losses, ending balance	—			1,435,920			1,435,920
Allowance for unfunded loan commitments, beginning balance(3)	—			112,962			112,962
Provision(1)(4)	—			283,393			283,393
Transfer to allowance for loan losses	—			(311,787)			(311,787)
Allowance for unfunded loan commitments, ending balance(3)	—			84,568			84,568
Total allowance for credit losses, ending balance	$	—		$	1,520,488		$	1,520,488

Net charge-offs as a percentage of average loans in repayment(5)	—		%	2.19		%
Allowance for loan losses coverage of net charge-offs	—			4.32
Total allowance for credit losses as a percentage of the ending total loan balance, plus unfunded loan commitments and total accrued interest receivable	—		%	5.83		%

Ending total loans, gross	$	—		$	22,235,008
Average loans in repayment(5)	$	—		$	15,139,184
Ending loans in repayment(5)	$	—		$	16,106,751
Unfunded loan commitments	$	—		$	2,311,660
Total accrued interest receivable	$	—		$	1,549,415

(1) See “— Provisions for Credit Losses” below in this Note 6 for a reconciliation of the provisions for credit losses reported in the consolidated statements of income.

(2) Represents fair value adjustments on loans transferred to held for sale.

(4) Includes incremental provision for new commitments and changes to provision for existing commitments.


Year Ended December 31, 2023 (dollars in thousands)	FFELP Loans			Private Education Loans			Total
Allowance for loan losses, beginning balance	$	3,444		$	1,353,631		$	1,357,075
Transfer from allowance for unfunded loan commitments	—			320,237			320,237
Provisions:
Provision for current period	2,224			240,347			242,571
Loan sale reduction to provision	—			(205,383)			(205,383)

Total provisions(1)	2,224			34,964			37,188
Net charge-offs:
Charge-offs	(1,001)			(420,095)			(421,096)
Recoveries	—			46,368			46,368
Net charge-offs	(1,001)			(373,727)			(374,728)

Allowance for loan losses, ending balance	4,667			1,335,105			1,339,772
Allowance for unfunded loan commitments, beginning balance(2)	—			124,924			124,924
Provision(1)(3)	—			308,275			308,275
Transfer to allowance for loan losses	—			(320,237)			(320,237)
Allowance for unfunded loan commitments, ending balance(2)	—			112,962			112,962
Total allowance for credit losses, ending balance	$	4,667		$	1,448,067		$	1,452,734

Net charge-offs as a percentage of average loans in repayment(4)	0.23		%	2.44		%
Allowance for loan losses coverage of net charge-offs	4.66			3.57
Total allowance for credit losses as a percentage of the ending total loan balance, plus unfunded loan commitments and total accrued interest receivable	0.87		%	5.89		%

Ending total loans, gross	$	537,401		$	21,025,844
Average loans in repayment(4)	$	433,225		$	15,310,934
Ending loans in repayment(4)	$	406,568		$	15,409,814
Unfunded loan commitments	$	—		$	2,221,077
Total accrued interest receivable	$	—		$	1,354,565

(1) See “— Provisions for Credit Losses” below in this Note 6 for a reconciliation of the provisions for credit losses reported in the consolidated statements of income.

(3) Includes incremental provision for new commitments and changes to provision for existing commitments.


Year Ended December 31, 2022 (dollars in thousands)	FFELP Loans			Private Education Loans			Credit Cards			Total
Allowance for loan losses, beginning balance	$	4,077		$	1,158,977		$	2,281		$	1,165,335
Transfer from allowance for unfunded loan commitments	—			344,310			—			344,310
Provisions:
Provision for current period	(20)			410,254			3,301			413,535
Loan sale reduction to provision	—			(174,231)			—			(174,231)
Loans transferred to held-for-sale	—			—			(2,372)			(2,372)
Total provisions(1)	(20)			236,023			929			236,932
Net charge-offs:
Charge-offs	(613)			(427,416)			(3,215)			(431,244)
Recoveries	—			41,737			5			41,742
Net charge-offs	(613)			(385,679)			(3,210)			(389,502)

Allowance for loan losses, ending balance	3,444			1,353,631			—			1,357,075
Allowance for unfunded loan commitments, beginning balance(2)	—			72,713			—			72,713
Provision(1)(3)	—			396,521			—			396,521
Transfer to allowance for loan losses	—			(344,310)			—			(344,310)
Allowance for unfunded loan commitments, ending balance(2)	—			124,924			—			124,924
Total allowance for credit losses, ending balance	$	3,444		$	1,478,555		$	—		$	1,481,999

Net charge-offs as a percentage of average loans in repayment(4)	0.12		%	2.55		%	—		%
Allowance for loan losses coverage of net charge-offs	5.62			3.51			—
Total allowance for credit losses as a percentage of the ending total loan balance, plus unfunded loan commitments and total accrued interest receivable	0.57		%	6.30		%	—		%

Ending total loans, gross	$	609,050		$	20,303,688		$	—
Average loans in repayment(4)	$	517,139		$	15,103,123		$	—
Ending loans in repayment(4)	$	453,915		$	15,129,550		$	—
Unfunded loan commitments	$	—		$	1,995,808		$	—
Total accrued interest receivable	$	—		$	1,177,562		$	—

(1) See “— Provisions for Credit Losses” below in this Note 6 for a reconciliation of the provisions for credit losses reported in the consolidated statements of income.

(3) Includes incremental provision for new commitments and changes to provision for existing commitments.

Provisions for Credit Losses

Below is a reconciliation of the provisions for credit losses reported in the consolidated statements of income.


Consolidated Statements of Income Provisions for Credit Losses Reconciliation

Years Ended December 31,
(dollars in thousands)	2024		2023		2022
Private Education Loan provisions for credit losses:
Provisions for loan losses	$	121,112	$	34,964	$	236,023
Provisions for unfunded loan commitments	283,393		308,275		396,521
Total Private Education Loan provisions for credit losses	404,505		343,239		632,544
Other impacts to the provisions for credit losses:
FFELP Loans	4,010		2,224		(20)
Credit Cards	—		—		929
Total	4,010		2,224		909
Provisions for credit losses reported in consolidated statements of income	$	408,515	$	345,463	$	633,453

The provision for credit losses for the year ended December 31, 2024 was $409 million, compared with $345 million in the year-ago period. During 2024, the provision for credit losses was primarily affected by new loan commitments, net of expired commitments, and changes in recovery rates, which were partially offset by $236 million in negative provisions recorded as a result of the approximately $3.69 billion in Private Education Loan sales during 2024, an improved economic outlook, and changes in management overlays.

In 2023, the provision for credit losses was primarily affected by new loan commitments, net of expired commitments, slower prepayment rates, management overlays, and changes in economic outlook, which were partially offset by $205 million in negative provisions recorded as a result of the approximately $3.15 billion in Private Education Loan sales during 2023 and an increase in recovery rates (as the result of a change in our defaulted loan recovery process).

During 2022, the provision for credit losses was primarily affected by new loan commitments made during the period, slower than expected prepayment rates, and additional management overlays, which were partially offset by negative provisions recorded related to approximately $3.34 billion in Private Education Loans sold in 2022 and the adoption of a new loss model that included a reduction in the long-term estimate of losses after the reasonable and supportable period. Management overlays increased in 2022 due to several factors, including additional provisions arising from our expectation of higher future losses related to the previously announced credit administration practices changes we implemented in 2021, “gap year” loans, a shortage and lack of tenured collections staff, and other operational challenges we experienced in 2022. “Gap year” loans refer to loans to borrowers who took a “gap year” during the COVID-19 pandemic and entered full principal and interest repayment status starting in late 2021 and early 2022. Losses on those “gap year” loans were higher than expected and contributed to the higher provision expense recorded in 2022 to cover the higher-than-expected losses.

Private Education Loans Allowance for Credit Losses - Forecast Assumptions

See Note 2, “Significant Accounting Policies — Allowance for Credit Losses” for a more detailed discussion on the forecast assumptions used in calculating the allowance for credit losses.

Loan Modifications to Borrowers Experiencing Financial Difficulty

The allowance for credit losses incorporates an estimate of lifetime expected credit losses and is recorded on each asset upon asset origination or acquisition. The starting point for the estimate of the allowance for credit losses is historical information, which includes losses from modifications of receivables whose borrowers are experiencing financial difficulty. We use a discounted cash flow model to determine the allowance for credit losses. An assessment of whether a borrower is experiencing financial difficulty is made on the date of a modification.

The effect of most modifications of loans made to borrowers who are experiencing financial difficulty is already included in the allowance for credit losses because of the measurement methodologies used to estimate the allowance. The forecast of expected future cash flows is updated as the loan modifications occur.

Within the Private Education Loan portfolio, we deem loans greater than 90 days past due as nonperforming. FFELP Loans are at least 97 percent guaranteed as to their principal and accrued interest by the federal government in the event of default and, therefore, we did not deem FFELP Loans as nonperforming from a credit risk perspective at any point in their life cycle prior to claim payment and continued to accrue interest on those loans through the date of claim.

For additional information, see Note 2, “Significant Accounting Policies —Allowance for Credit Losses” in this Form 10-K.

Under our current forbearance practices, temporary forbearance of payments is generally granted in one-to-two month increments, for up to 12 months over the life of the loan, with 12 months of positive payment performance by a borrower required between grants (meaning the borrower must make payment in a cumulative amount equivalent to 12 monthly required payments under the loan). During the first six months following a borrower’s grace period, the borrower may be eligible for extended grace forbearance in one six-month increment (which would also count towards the 12-month forbearance cap). See Note 5, “Loans Held for Investment — Certain Collection Tools - Private Education Loans” in this Form 10-K. In the first quarter of 2022, we adopted ASU No. 2022-02. Under this ASU, if the debt has been previously restructured, an entity must consider the cumulative effect of past restructurings made within the 12-month period before the current restructuring when determining whether a delay in payment resulting from the current restructuring is insignificant. Due to our current forbearance practices, including the limitations on forbearances offered to borrowers, we do not believe the granting of forbearances will exceed the significance threshold and, therefore, we do not consider the forbearances as loan modifications.

We offer certain administrative forbearances (e.g., death and disability, bankruptcy, military service, disaster forbearance, and in school assistance) that are required by law (such as by the Servicemembers Civil Relief Act), are considered separate from our active loss mitigation programs, or do not exceed the significance threshold and therefore are not considered to be loan modifications requiring disclosure under ASU No. 2022-02. In addition, we may offer on a limited basis term extensions or rate reductions or a combination of both to borrowers to reduce consolidation activities. For purposes of this disclosure, we do not consider them modifications of loans to borrowers experiencing financial difficulty and they therefore are not included in the tables below.

For additional information on our forbearance and modification programs, see Note 5, “Loans Held for Investment —Certain Collection Tools — Private Education Loans” in this Form 10-K.

As part of the additional modification programs that were launched in the fourth quarter of 2023, we also offered for a short period of time a permanent term extension with no interest rate reduction program. This program ended in the fourth quarter of 2023. The amortized cost of this program totaled $7.3 million as of December 31, 2024, representing 0.03 percent of the total Private Education Loan portfolio. This program added a weighted average of 6.7 years to the life of loans in the program. As of December 31, 2024, $6.0 million of these loans were in a current or deferred status, $0.6 million of these loans were 30-59 days past due, $0.4 million of these loans were 60-89 days past due, and $0.3 million of these loans were 90 days or greater past due. As of December 31, 2024, the defaulted amount and amortized cost basis of loans that received a permanent term extension and no interest rate reduction and defaulted during the year ended December 31, 2024 and were modified for borrowers experiencing financial difficulty during the twelve months prior to default were $2.5 million and $2.0 million, respectively. Additionally, loans that received a permanent term extension with no interest rate reduction in the fourth quarter of 2023 that were both modified and subsequently charged-off during the twelve months ended December 31, 2024 are not included in the amortized cost basis and had an amortized cost basis of $0.6 million.

The following tables show the amortized cost basis at the end of the respective reporting periods of the loans to borrowers experiencing financial difficulty that were modified during the period, disaggregated by class of financing receivable and type of modification. When we approve a Private Education Loan at the beginning of an academic year, we do not always disburse the full amount of the loan at the time of approval, but instead have a commitment to fund a portion of the loan at a later date (usually at the start of the second semester or subsequent trimesters). We consider borrowers to be in financial difficulty after they have exited school and have difficulty making their scheduled principal and interest payments. The increase in loan modifications during the year ended December 31, 2024 compared to the year-ago period is primarily due to additional modification programs implemented in the fourth quarter of 2023 and subsequent refinements to those programs.


	Loan Modifications Made to Borrowers Experiencing Financial Difficulty
Year Ended December 31, 2024 (dollars in thousands)	Interest Rate Reduction				Combination - Interest Rate Reduction and Term Extension
Loan Type:	Amortized Cost Basis		% of Total Class of Financing Receivable		Amortized Cost Basis		% of Total Class of Financing Receivable
Private Education Loans	$	31,966	0.13	%	$	1,003,089	4.20	%
Total	$	31,966	0.13	%	$	1,003,089	4.20	%


	Loan Modifications Made to Borrowers Experiencing Financial Difficulty
Year Ended December 31, 2023 (dollars in thousands)	Interest Rate Reduction				Combination - Interest Rate Reduction and Term Extension
Loan Type:	Amortized Cost Basis		% of Total Class of Financing Receivable		Amortized Cost Basis		% of Total Class of Financing Receivable
Private Education Loans	$	48,637	0.22	%	$	331,889	1.48	%
Total	$	48,637	0.22	%	$	331,889	1.48	%

The following tables describe the financial effect of the modifications made to loans whose borrowers are experiencing financial difficulty:

Year Ended December 31, 2024

Interest Rate Reduction

Combination - Interest Rate
Reduction and Term Extension

Loan Type

Financial Effect

Loan Type

Financial Effect

Private Education Loans

Reduced average contractual rate from 13.22% to 3.79%

Private Education Loans

Added a weighted average 9.23 years to the life of loans

Reduced average contractual rate from 12.71% to 3.66%

Year Ended December 31, 2023

Interest Rate Reduction

Combination - Interest Rate
Reduction and Term Extension

Loan Type

Financial Effect

Loan Type

Financial Effect

Private Education Loans

Reduced average contractual rate from 13.37% to 4.00%

Private Education Loans

Added a weighted average 10.20 years to the life of loans

Reduced average contractual rate from 12.92% to 4.00%

Private Education Loans are charged off at the end of the month in which they reach 120 days delinquent or otherwise when the loans are classified as a loss by us or our regulator. Therefore, the amortized cost basis of the loan is reduced by the uncollectible amount and the allowance for credit losses is adjusted by the same amount. See Note 2, “Significant Accounting Policies — Allowance for Credit Losses — Allowance for Private Education Loan Losses” and “Significant Accounting Policies — Allowance for Credit Losses — Allowance for FFELP Loan Losses” in this Form 10-K for a more detailed discussion.

For the periods presented, the following table presents the defaulted amount and period-end amortized cost basis, by modification category, of loans that defaulted during the period and were modified for borrowers experiencing financial difficulty during the 12 months preceding default. Solely for the purpose of the below table, starting in the quarter ended December 31, 2024, we changed our definition of payment default to be two missed consecutive post-modification payment obligations. As such, as reflected for the year ended December 31, 2024 below, defaulted amount represents the principal amount of modified loans at the time the borrower missed two consecutive post-modification payment obligations during the period. Previously, as reflected for the year ended December 31, 2023 in the table below, defaulted amount represented the principal amount of modified loans at the time they became 60 days or more past due in the relevant period. Loans that were both modified and subsequently charged-off during the twelve months ended December 31, 2024 are not included in the period-end amortized cost basis and had an amortized cost basis of $40.4 million at the time of charge-off. The increase in loan modifications during the year ended December 31, 2024 compared to the year-ago period is primarily due to the additional modification programs implemented in the fourth quarter of 2023 and subsequent refinements to those programs. The following two tables do not include loans that received a permanent term extension with no interest rate reduction during the fourth quarter of 2023, which are described earlier in this Note 6.



	Year Ended December 31, 2024				Year Ended December 31, 2023
(Dollars in thousands)	Defaulted Amount		Period-end Amortized Cost Basis		Defaulted Amount		Period-end Amortized Cost Basis
Loan Type:
Private Education Loans
Interest Rate Reduction	$	6,460	$	4,621	$	4,521	$	4,174
Combination - Interest Rate Reduction and Term Extension	143,300		114,307		26,341		24,798
Total	$	149,760	$	118,928	$	30,862	$	28,972

We closely monitor performance of the loans to borrowers experiencing financial difficulty that are modified to understand the effectiveness of the modification efforts. The following table depicts the performance of loans that have been modified during the respective reporting periods (the twelve months ended December 31, 2024 and 2023, respectively).


	Twelve Months Ended December 31, 2024				Twelve Months Ended December 31, 2023
(Dollars in thousands)	Balance		%		Balance		%
Payment Status (Amortized Cost Basis)(1):
Loan modifications in deferment(2)	$	33,645			$	6,843
Loan modifications in repayment:
Loans current(3)(4)	826,007		83	%	334,967		90	%
Loans delinquent 30-59 days(3)(4)	77,446		8	%	17,205		4	%
Loans delinquent 60-89 days(3)(4)	43,484		4	%	7,689		2	%
Loans 90 days or greater past due(3)(4)	54,473		5	%	13,822		4	%
Total loan modifications in repayment	1,001,410		100	%	373,683		100	%
Total Private Education Loan modifications	$	1,035,055			$	380,526

(1)Loans that were both modified and subsequently charged-off during the twelve months ended December 31, 2024 and 2023 are excluded from the table and had an amortized cost basis of $40.4 million and $8.4 million, respectively. Additionally, loans that received a permanent term extension with no interest rate reduction during the fourth quarter of 2023 are excluded from the table.

(2)Deferment includes customers who have returned to school or are engaged in other permitted educational activities and are not yet required to make full principal and interest payments on the loans (e.g., residency periods for medical students or a grace period for bar exam preparation). Deferment also includes loans that have entered a forbearance after the loan modification was granted.

(3)Represents loans in repayment, which include loans that have entered full principal and interest repayment status after any applicable grace period (but, for purposes of the table, do not include those loans while they are in forbearance).

(4)The period of delinquency is based on the number of days scheduled payments are contractually past due.

Private Education Loans Held for Investment - Key Credit Quality Indicators

For Private Education Loans, the key credit quality indicators are FICO scores, the existence of a cosigner, the loan status, and loan seasoning. The FICO scores are assessed at original approval and periodically refreshed/updated through the loan’s term. The following tables highlight the gross principal balance of our Private Education Loan portfolio (held for investment), by year of origination approval/first disbursement, stratified by key credit quality indicators.


As of December 31, 2024 (dollars in thousands)	Private Education Loans Held for Investment - Credit Quality Indicators
Year of Origination Approval	2024(1)		2023(1)		2022(1)		2021(1)		2020(1)		2019 and Prior(1)		Total(1)		% of Balance

Cosigners:
With cosigner	$	4,519,952	$	4,707,685	$	2,741,871	$	1,759,261	$	1,151,751	$	4,642,019	$	19,522,539	88	%
Without cosigner	504,640		613,825		443,376		310,175		222,245		618,208		2,712,469		12
Total	$	5,024,592	$	5,321,510	$	3,185,247	$	2,069,436	$	1,373,996	$	5,260,227	$	22,235,008	100	%

FICO at Origination Approval(2):
Less than 670	$	293,025	$	394,962	$	261,589	$	155,661	$	94,355	$	475,186	$	1,674,778	8	%
670-699	615,617		753,548		449,214		285,181		197,205		898,535		3,199,300		14
700-749	1,525,547		1,641,641		998,834		660,373		451,695		1,782,121		7,060,211		32
Greater than or equal to 750	2,590,403		2,531,359		1,475,610		968,221		630,741		2,104,385		10,300,719		46
Total	$	5,024,592	$	5,321,510	$	3,185,247	$	2,069,436	$	1,373,996	$	5,260,227	$	22,235,008	100	%

FICO Refreshed(2)(3):
Less than 670	$	453,705	$	666,049	$	467,562	$	301,367	$	194,124	$	831,053	$	2,913,860	13	%
670-699	633,749		710,546		409,808		248,325		138,730		578,639		2,719,797		12
700-749	1,485,771		1,512,643		879,450		563,941		362,715		1,398,737		6,203,257		28
Greater than or equal to 750	2,451,367		2,432,272		1,428,427		955,803		678,427		2,451,798		10,398,094		47
Total	$	5,024,592	$	5,321,510	$	3,185,247	$	2,069,436	$	1,373,996	$	5,260,227	$	22,235,008	100	%

Seasoning(4):
1-12 payments	$	2,860,113	$	774,471	$	499,812	$	280,154	$	159,762	$	324,506	$	4,898,818	22	%
13-24 payments	—		2,729,334		372,496		191,989		122,938		340,556		3,757,313		17
25-36 payments	—		—		1,564,157		254,068		110,952		429,127		2,358,304		11
37-48 payments	—		—		—		987,977		170,051		451,494		1,609,522		7
More than 48 payments	—		—		—		—		625,916		3,262,308		3,888,224		17
Not yet in repayment	2,164,479		1,817,705		748,782		355,248		184,377		452,236		5,722,827		26
Total	$	5,024,592	$	5,321,510	$	3,185,247	$	2,069,436	$	1,373,996	$	5,260,227	$	22,235,008	100	%

2024 Current period(5) gross charge-offs	$	(1,826)	$	(29,094)	$	(68,454)	$	(53,697)	$	(37,318)	$	(186,451)	$	(376,840)
2024 Current period(5) recoveries	117		2,191		6,487		5,771		3,840		26,350		44,756
2024 Current period(5) net charge-offs	$	(1,709)	$	(26,903)	$	(61,967)	$	(47,926)	$	(33,478)	$	(160,101)	$	(332,084)

Total accrued interest by origination approval vintage	$	195,291	$	484,531	$	325,962	$	197,504	$	106,565	$	239,562	$	1,549,415
(1)Balance represents gross Private Education Loans held for investment. (2)Represents the higher credit score of the cosigner or the borrower. (3)Represents the FICO score updated as of the fourth-quarter 2024. (4)Number of months in active repayment (whether interest only payment, fixed payment, or full principal and interest payment status) for which a scheduled payment was due. (5)Current period refers to period from January 1, 2024 through December 31, 2024.


As of December 31, 2023 (dollars in thousands)	Private Education Loans Held for Investment - Credit Quality Indicators
Year of Origination Approval	2023(1)		2022(1)		2021(1)		2020(1)		2019(1)		2018 and Prior(1)		Total(1)		% of Balance

Cosigners:
With cosigner	$	3,903,676	$	4,428,163	$	2,516,380	$	1,535,308	$	1,378,699	$	4,529,768	$	18,291,994	87	%
Without cosigner	586,443		660,576		421,042		283,781		253,601		528,407		2,733,850		13
Total	$	4,490,119	$	5,088,739	$	2,937,422	$	1,819,089	$	1,632,300	$	5,058,175	$	21,025,844	100	%

FICO at Origination Approval(2):
Less than 670	$	328,199	$	395,526	$	208,696	$	118,935	$	137,494	$	451,613	$	1,640,463	8	%
670-699	635,642		704,642		400,744		254,762		257,840		868,777		3,122,407		15
700-749	1,383,779		1,586,783		934,033		590,401		545,333		1,709,299		6,749,628		32
Greater than or equal to 750	2,142,499		2,401,788		1,393,949		854,991		691,633		2,028,486		9,513,346		45
Total	$	4,490,119	$	5,088,739	$	2,937,422	$	1,819,089	$	1,632,300	$	5,058,175	$	21,025,844	100	%

FICO Refreshed(2)(3):
Less than 670	$	495,451	$	638,381	$	379,738	$	217,956	$	214,665	$	791,875	$	2,738,066	13	%
670-699	616,684		672,777		365,674		193,462		176,963		564,245		2,589,805		12
700-749	1,347,094		1,477,310		836,747		498,414		445,244		1,361,073		5,965,882		28
Greater than or equal to 750	2,030,890		2,300,271		1,355,263		909,257		795,428		2,340,982		9,732,091		47
Total	$	4,490,119	$	5,088,739	$	2,937,422	$	1,819,089	$	1,632,300	$	5,058,175	$	21,025,844	100	%

Seasoning(4):
1-12 payments	$	2,514,079	$	740,450	$	440,293	$	245,631	$	208,941	$	332,608	$	4,482,002	21	%
13-24 payments	—		2,675,956		303,045		167,532		165,577		384,760		3,696,870		18
25-36 payments	—		—		1,524,834		195,091		129,571		456,448		2,305,944		11
37-48 payments	—		—		—		902,938		208,521		446,350		1,557,809		7
More than 48 payments	—		—		—		116		706,097		2,985,015		3,691,228		18
Not yet in repayment	1,976,040		1,672,333		669,250		307,781		213,593		452,994		5,291,991		25
Total	$	4,490,119	$	5,088,739	$	2,937,422	$	1,819,089	$	1,632,300	$	5,058,175	$	21,025,844	100	%

2023 Current period(5) gross charge-offs	$	(1,812)	$	(31,032)	$	(70,331)	$	(49,624)	$	(50,585)	$	(216,711)	$	(420,095)
2023 Current period(5) recoveries	172		2,342		6,496		4,923		5,260		27,175		46,368
2023 Current period(5) net charge-offs	$	(1,640)	$	(28,690)	$	(63,835)	$	(44,701)	$	(45,325)	$	(189,536)	$	(373,727)

Total accrued interest by origination approval vintage	$	177,959	$	408,800	$	269,978	$	152,094	$	116,618	$	229,116	$	1,354,565
(1)Balance represents gross Private Education Loans held for investment. (2)Represents the higher credit score of the cosigner or the borrower. (3)Represents the FICO score updated as of the fourth-quarter 2023. (4)Number of months in active repayment (whether interest only payment, fixed payment, or full principal and interest payment status) for which a scheduled payment was due. (5)Current period refers to period from January 1, 2023 through December 31, 2023.

Delinquencies - Private Education Loans Held for Investment

The following tables provide information regarding the loan status of our Private Education Loans held for investment, by year of origination approval/first disbursement. Loans in repayment include loans on which borrowers are making interest only or fixed payments, as well as loans that have entered full principal and interest repayment status after any applicable grace period (but, for purposes of the following tables, do not include those loans while they are in forbearance).


	Private Education Loans Held for Investment - Delinquencies by Origination Approval Vintage
As of December 31, 2024 (dollars in thousands)	2024			2023			2022			2021			2020			2019 and Prior			Total

Loans in-school/grace/deferment(1)	$	2,164,479		$	1,817,705		$	748,782		$	355,248		$	184,377		$	452,236		$	5,722,827





Loans in forbearance(2)	19,984			124,728			87,961			52,686			31,575			88,496			405,430
Loans in repayment:
Loans current	2,820,940			3,312,916			2,259,455			1,590,812			1,107,189			4,422,021			15,513,333
Loans delinquent 30-59 days(3)	13,533			36,441			45,543			35,245			27,302			152,684			310,748
Loans delinquent 60-89 days(3)	3,973			15,239			23,359			18,365			10,921			68,878			140,735
Loans 90 days or greater past due(3)	1,683			14,481			20,147			17,080			12,632			75,912			141,935
Total Private Education Loans in repayment	2,840,129			3,379,077			2,348,504			1,661,502			1,158,044			4,719,495			16,106,751
Total Private Education Loans, gross	5,024,592			5,321,510			3,185,247			2,069,436			1,373,996			5,260,227			22,235,008
Private Education Loans deferred origination costs and unamortized premium/(discount)	47,659			25,599			10,788			6,142			4,057			8,825			103,070
Total Private Education Loans	5,072,251			5,347,109			3,196,035			2,075,578			1,378,053			5,269,052			22,338,078
Private Education Loans allowance for losses	(258,235)			(326,207)			(234,532)			(150,324)			(90,600)			(376,022)			(1,435,920)
Private Education Loans, net	$	4,814,016		$	5,020,902		$	2,961,503		$	1,925,254		$	1,287,453		$	4,893,030		$	20,902,158

Percentage of Private Education Loans in repayment	56.5		%	63.5		%	73.7		%	80.3		%	84.3		%	89.7		%	72.4		%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment	0.7		%	2.0		%	3.8		%	4.3		%	4.4		%	6.3		%	3.7		%

Loans in forbearance as a percentage of loans in repayment and forbearance	0.7		%	3.6		%	3.6		%	3.1		%	2.7		%	1.8		%	2.5		%

(1)Deferment includes customers who have returned to school or are engaged in other permitted educational activities and are not yet required to make payments on the loans (e.g., residency periods for medical students or a grace period for bar exam preparation).

(2)Loans for customers who have requested extension of grace period generally during employment transition or who have temporarily ceased making full payments due to hardship or other factors, consistent with established loan program servicing policies and procedures.

(3)The period of delinquency is based on the number of days scheduled payments are contractually past due.


	Private Education Loans Held for Investment - Delinquencies by Origination Approval Vintage
As of December 31, 2023 (dollars in thousands)	2023			2022			2021			2020			2019			2018 and Prior			Total

Loans in-school/grace/deferment(1)	$	1,976,040		$	1,672,333		$	669,250		$	307,781		$	213,593		$	452,994		$	5,291,991





Loans in forbearance(2)	19,265			93,079			58,438			35,450			31,818			85,989			324,039
Loans in repayment:
Loans current	2,469,817			3,254,534			2,131,040			1,416,069			1,323,825			4,213,986			14,809,271
Loans delinquent 30-59 days(3)	17,599			34,627			37,147			28,020			31,432			149,926			298,751
Loans delinquent 60-89 days(3)	5,720			17,227			20,077			16,614			15,482			75,897			151,017
Loans 90 days or greater past due(3)	1,678			16,939			21,470			15,155			16,150			79,383			150,775
Total Private Education Loans in repayment	2,494,814			3,323,327			2,209,734			1,475,858			1,386,889			4,519,192			15,409,814
Total Private Education Loans, gross	4,490,119			5,088,739			2,937,422			1,819,089			1,632,300			5,058,175			21,025,844
Private Education Loans deferred origination costs and unamortized premium/(discount)	35,616			18,556			9,465			5,809			3,556			8,552			81,554
Total Private Education Loans	4,525,735			5,107,295			2,946,887			1,824,898			1,635,856			5,066,727			21,107,398
Private Education Loans allowance for losses	(269,642)			(335,090)			(194,104)			(118,755)			(100,111)			(317,403)			(1,335,105)
Private Education Loans, net	$	4,256,093		$	4,772,205		$	2,752,783		$	1,706,143		$	1,535,745		$	4,749,324		$	19,772,293

Percentage of Private Education Loans in repayment	55.6		%	65.3		%	75.2		%	81.1		%	85.0		%	89.3		%	73.3		%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment	1.0		%	2.1		%	3.6		%	4.1		%	4.5		%	6.8		%	3.9		%

Loans in forbearance as a percentage of loans in repayment and forbearance	0.8		%	2.7		%	2.6		%	2.3		%	2.2		%	1.9		%	2.1		%

(3)The period of delinquency is based on the number of days scheduled payments are contractually past due.


	Private Education Loans Held for Investment - Delinquencies by Origination Approval Vintage
As of December 31, 2022 (dollars in thousands)	2022			2021			2020			2019			2018			2017 and Prior			Total

Loans in-school/grace/deferment(1)	$	1,827,649		$	1,433,322		$	578,253		$	380,639		$	219,280		$	455,910		$	4,895,053





Loans in forbearance(2)	16,046			64,360			38,613			37,802			30,583			91,681			279,085
Loans in repayment:
Loans current	2,411,441			2,991,839			1,907,574			1,683,986			1,301,809			4,262,698			14,559,347
Loans delinquent 30-59 days(3)	14,164			30,740			30,877			35,213			31,366			144,948			287,308
Loans delinquent 60-89 days(3)	5,523			15,056			14,433			18,201			16,697			77,595			147,505
Loans 90 days or greater past due(3)	1,710			11,842			14,872			16,819			16,107			74,040			135,390
Total Private Education Loans in repayment	2,432,838			3,049,477			1,967,756			1,754,219			1,365,979			4,559,281			15,129,550
Total Private Education Loans, gross	4,276,533			4,547,159			2,584,622			2,172,660			1,615,842			5,106,872			20,303,688
Private Education Loans deferred origination costs and unamortized premium/(discount)	26,714			15,933			9,062			5,496			3,575			8,876			69,656
Total Private Education Loans	4,303,247			4,563,092			2,593,684			2,178,156			1,619,417			5,115,748			20,373,344
Private Education Loans allowance for losses	(304,943)			(323,506)			(181,915)			(141,424)			(101,023)			(300,820)			(1,353,631)
Private Education Loans, net	$	3,998,304		$	4,239,586		$	2,411,769		$	2,036,732		$	1,518,394		$	4,814,928		$	19,019,713

Percentage of Private Education Loans in repayment	56.9		%	67.1		%	76.1		%	80.7		%	84.5		%	89.3		%	74.5		%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment	0.9		%	1.9		%	3.1		%	4.0		%	4.7		%	6.5		%	3.8		%

Loans in forbearance as a percentage of loans in repayment and forbearance	0.7		%	2.1		%	1.9		%	2.1		%	2.2		%	2.0		%	1.8		%

(3)The period of delinquency is based on the number of days scheduled payments are contractually past due.

Accrued Interest Receivable

The following table provides information regarding accrued interest receivable on our Private Education Loans. The table also discloses the amount of accrued interest on loans 90 days or greater past due as compared to our allowance for uncollectible interest. The majority of the total accrued interest receivable represents accrued interest on deferred loans where no payments are due while the borrower is in school and fixed-pay loans where the borrower makes a $25 monthly payment that is smaller than the interest accruing on the loan in that month. The accrued interest on these loans will be capitalized to the balance of the loans when the borrower exits the grace period after separation from school. The allowance for credit losses considers the collectibility of both principal and accrued interest. The allowance for uncollectible interest estimates the additional uncollectible interest that is not captured in the allowance for credit losses. See Note 2, “Significant Accounting Policies — Allowance for Credit Losses — Uncollectible Interest” in this Form 10-K for additional information.


	Private Education Loans
	Accrued Interest Receivable
(Dollars in thousands)	Total Interest Receivable		90 Days or Greater Past Due		Allowance for Uncollectible Interest(1)

December 31, 2024	$	1,549,415	$	6,420	$	12,366
December 31, 2023	$	1,354,565	$	8,373	$	9,897

(1) At December 31, 2024 and 2023, $164 million and $151 million, respectively, of accrued interest receivable was not expected to be capitalized and $1.4 billion and $1.2 billion of accrued interest receivable was expected to be capitalized.

Unfunded Loan Commitments

When we approve a Private Education Loan at the beginning of an academic year, that approval may cover the borrowing for the entire academic year. As such, we do not always disburse the full amount of the loan at the time of such approval, but instead have a commitment to fund a portion of the loan at a later date (usually at the start of the second semester or subsequent trimesters). We estimate expected credit losses over the contractual period in which we are exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by us. See Note 2, “Significant Accounting Policies — Allowance for Credit Losses — Off-Balance Sheet Exposure for Contractual Loan Commitments” in this Form 10-K for additional information.

At December 31, 2024, we had $2.3 billion of outstanding contractual loan commitments that we expect to fund during the remainder of the 2024/2025 academic year. The tables below summarize the activity in the allowance recorded to cover lifetime expected credit losses on the unfunded commitments, which is recorded in “Other Liabilities” on the consolidated balance sheets, as well as the activity in the unfunded commitments balance.


Years Ended December 31, (dollars in thousands)	2024				2023				2022
	Allowance		Unfunded Commitments		Allowance		Unfunded Commitments		Allowance		Unfunded Commitments

Beginning Balance	$	112,962	$	2,221,077	$	124,924	$	1,995,808	$	72,713	$	1,776,976
Provision/New commitments - net(1)	283,393		7,103,832		308,275		6,602,803		396,521		6,180,805
Transfer - funded loans(2)	(311,787)		(7,013,249)		(320,237)		(6,377,534)		(344,310)		(5,961,973)
Ending Balance	$	84,568	$	2,311,660	$	112,962	$	2,221,077	$	124,924	$	1,995,808

(1) Net of expirations of commitments unused. Also includes incremental provision for new commitments and changes to provision for existing commitments.

The unfunded commitments disclosed above represent the total amount of outstanding unfunded commitments at each period end. However, historically not all of these commitments are funded prior to the expiration of the commitments.

We estimate the amount of commitments expected to be funded in calculating the reserve for unfunded commitments. The amount we expect to fund and use in our calculation of the reserve for unfunded commitments will change period to period based upon the loan characteristics of the underlying commitments.

Borrowings - Company Borrowings (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Secured borrowings:
Short-Term	$ 0	$ 0
Long-Term	6,440,345	5,227,512
Total	6,440,345	5,227,512
Unsecured borrowings
Secured borrowings:
Short-Term	0	0
Long-Term	995,420	992,200
Total	995,420	992,200
Secured borrowings
Secured borrowings:
Short-Term	0	0
Long-Term	5,444,925	4,235,312
Total	5,444,925	4,235,312
Secured borrowings \| Private Education Loan term securitizations:
Secured borrowings:
Short-Term	0	0
Long-Term	5,444,925	4,235,312
Total	5,444,925	4,235,312
Secured borrowings \| Secured Borrowing Facility
Secured borrowings:
Short-Term	0	0
Long-Term	0	0
Total	0	0
Secured borrowings \| Fixed-rate \| Private Education Loan term securitizations:
Secured borrowings:
Short-Term	0	0
Long-Term	4,617,743	3,585,254
Total	4,617,743	3,585,254
Secured borrowings \| Variable-rate \| Private Education Loan term securitizations:
Secured borrowings:
Short-Term	0	0
Long-Term	827,182	650,058
Total	$ 827,182	$ 650,058

Subsequent Events (Details) - USD ($)	Feb. 18, 2025	Feb. 06, 2025	Jan. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Oct. 29, 2020
Subsequent Event [Line Items]
Debt instrument, face amount				$ 2,216,000,000	$ 1,147,000,000
Unsecured Debt \| Senior Unsecured Notes Due October 29, 2025
Subsequent Event [Line Items]
Debt instrument, face amount				$ 499,000,000		$ 500,000,000
Interest rate						4.20%
Subsequent Event \| Unsecured Debt \| Senior Unsecured Notes Due October 29, 2025
Subsequent Event [Line Items]
Interest rate	4.20%
Repayment of long-term debt	$ 500,000,000
Redemption price	100.00%
Loss on early extinguishment of unsecured debt	$ 1,000,000
Subsequent Event \| Unsecured Debt \| Senior Unsecured Notes Due February XX 2028 Member
Subsequent Event [Line Items]
Debt instrument, face amount			$ 500,000,000
Interest rate			6.50%
Private Education Loans \| Subsequent Event
Subsequent Event [Line Items]
Total Private Education Loans sold		$ 2,000,000,000
Loan principal		1,800,000,000
Capitalized interest		163,000,000
Financing receivable, sale, accrued interest		$ 10,000,000

Goodwill and Acquired Intangible Assets - Schedule of Acquired Intangible Assets (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		12 Months Ended
	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Cost Basis	$ 18,280	$ 17,700	$ 18,280	$ 17,700
Accumulated Amortization	(5,672)	(10,271)	(5,672)	(10,271)
Net	12,608	$ 7,429	12,608	$ 7,429
Nitro
Finite-Lived Intangible Assets [Line Items]
Weighted average useful life of acquired intangible assets				4 years 7 months 6 days
Scholly, Inc.
Finite-Lived Intangible Assets [Line Items]
Weighted average useful life of acquired intangible assets				4 years
Tradename and trademarks
Finite-Lived Intangible Assets [Line Items]
Useful Life (in years)		4 years		4 years
Cost Basis	6,040	$ 6,040	6,040	$ 6,040
Accumulated Amortization	(629)	(2,139)	(629)	(2,139)
Net	5,411	3,901	5,411	3,901
Tradename and trademarks \| Nitro
Finite-Lived Intangible Assets [Line Items]
Impairment of intangible assets	56,000		56,000
Tradename and trademarks \| Scholly, Inc.
Finite-Lived Intangible Assets [Line Items]
Net		$ 4,000		$ 4,000
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Useful Life (in years)		4 years 7 months 6 days		4 years 7 months 6 days
Cost Basis	8,920	$ 8,920	8,920	$ 8,920
Accumulated Amortization	(4,013)	(6,465)	(4,013)	(6,465)
Net	4,907	2,455	4,907	2,455
Customer relationships \| Scholly, Inc.
Finite-Lived Intangible Assets [Line Items]
Net		$ 1,000		$ 1,000
Developed technology
Finite-Lived Intangible Assets [Line Items]
Useful Life (in years)		3 years 6 months		3 years 6 months
Cost Basis	2,590	$ 2,590	2,590	$ 2,590
Accumulated Amortization	(908)	(1,661)	(908)	(1,661)
Net	1,682	929	1,682	929
Developed technology \| Scholly, Inc.
Finite-Lived Intangible Assets [Line Items]
Net		1,000		1,000
Partner relationship
Finite-Lived Intangible Assets [Line Items]
Cost Basis	730	0	730	0
Accumulated Amortization	(122)	0	(122)	0
Net	608	0	608	$ 0
Partner relationship \| Scholly, Inc.
Finite-Lived Intangible Assets [Line Items]
Impairment of intangible assets		$ 1,000
Sallie.com domain
Finite-Lived Intangible Assets [Line Items]
Useful Life (in years)		4 years		4 years
Cost Basis	0	$ 150	0	$ 150
Accumulated Amortization	0	(6)	0	(6)
Net	$ 0	$ 144	$ 0	$ 144

Significant Accounting Policies	12 Months Ended
Significant Accounting Policies	Dec. 31, 2024
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Use of Estimates and Assumptions The financial reporting and accounting policies of SLM Corporation conform to generally accepted accounting principles in the United States of America (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Key accounting policies that include significant judgments and estimates include the valuation of allowance for credit losses. Consolidation The consolidated financial statements include the accounts of SLM Corporation and its majority-owned and controlled subsidiaries after eliminating the effects of intercompany accounts and transactions. We consolidate any variable interest entity (“VIE”) where we have determined we are the primary beneficiary. The primary beneficiary is the entity which has both: (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance; and (ii) the obligation to absorb losses or receive benefits of the entity that could potentially be significant to the VIE. Cash and Cash Equivalents Cash and cash equivalents include cash held in the Federal Reserve Bank of San Francisco (the “FRB”) and commercial bank accounts, and other short-term liquid instruments with original maturities of three months or less. Fees associated with investing cash and cash equivalents are amortized into interest income using the effective interest rate method. Trading Investments We periodically sell Private Education Loans through securitization transactions where we are required to retain a five percent vertical risk retention interest (i.e., five percent of each class issued in the securitizations). We classify those vertical risk retention interests related to the transactions as available-for-sale investments, except for the interest in the residual classes, which we classify as trading investments recorded at fair value with changes recorded through earnings. Available-for-Sale Investments Our available-for-sale investments consist of mortgage-backed securities, Utah Housing Corporation bonds, U.S. government-sponsored enterprises and Treasury securities, and the vertical risk retention interests described above (other than residual classes). We record our investment purchases and sales on a trade date basis. The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts, which are amortized using the effective interest rate method. Our investments are classified as available-for-sale and reported at fair value. Unrealized gains or losses on available-for-sale investments are recorded in equity and reported as a component of other comprehensive income (loss), net of applicable income taxes. We assess unrealized losses on available-for-sale debt securities that we have the ability and intent to hold for a period of time sufficient to recover the amortized cost of the security, for the purpose of determining credit impairment. If any credit impairment exists, an allowance for losses is established for the amount of the unrealized loss that is determined to be credit-related. Other Investments We hold investments in non-marketable securities and account for these investments at cost, less impairment, plus or minus observable price changes of identical or similar securities of the same issuer. We also invest in affordable housing projects that qualify for the low income housing tax credit (“LIHTC”), which is designed to promote private development of low income housing. These investments generate a return mostly through realization of federal tax credits. Loans Held for Investment Loans, consisting of Private Education Loans, that we have the ability and intent to hold for the foreseeable future, are classified as held for investment, and are carried at amortized cost. Amortized cost includes the unamortized premiums, discounts, and capitalized origination costs and fees, all of which are amortized to interest income as discussed under “— Loan Interest Income.” Loans that are held for investment are reported net of an allowance for credit losses. During the third quarter of 2024, we transferred our FFELP Loan portfolio from loans held for investment to loans held for sale as we planned to sell the portfolio. During the fourth quarter of 2024, we sold our FFELP Loan portfolio to a third party. This transaction qualified for sale treatment and removed the balance of the loans from our balance sheet on the settlement date. Loans Held for Sale Any loans we have not classified as held for investment are classified as held for sale and are carried at the lower of cost or fair value. Loans are classified as held for sale when we have the intent and ability to sell such loans. Loans that are held for sale do not have the associated premium, discount, and capitalized origination costs and fees amortized into interest income. When a decision has been made to sell loans not previously classified as held for sale, such loans are transferred into the held for sale classification and carried at the lower of amortized cost basis (which excludes any allowance for credit losses) or fair value. At the time of the transfer to the held for sale classification, any amount by which the amortized cost basis exceeds fair value is accounted for as a valuation allowance. In addition, once a loan is classified as held for sale, we reverse any allowance for loan loss applicable to that loan. As market conditions permit, we may sell or securitize loans as a source of financing for other loans. Due to varying structuring terms, certain transactions may qualify for sale treatment while others do not qualify for sale treatment and are recorded as financings. All of our education loans are initially categorized as held for investment. It is only when we have selected the loans to sell or securitize and the transaction qualifies as a sale that we transfer the loans into the held for sale classification and carry them at the lower of cost or fair value. If we anticipate recognizing a gain related to the impending securitization or sale, then the fair value of the loans is higher than their respective cost basis and no valuation allowance is recorded. Restricted Cash Restricted cash primarily includes amounts held in student loan securitization trusts and other secured borrowings. This cash must be used to make payments related to trust obligations. Amounts on deposit in these accounts are primarily the result of timing differences between when principal and interest is collected on the trust assets and when principal and interest is paid on trust liabilities. Allowance for Credit Losses We maintain an allowance for credit losses for the lifetime expected credit losses on loans in our portfolios, as well as for future loan commitments, at the reporting date. In determining the lifetime expected credit losses on our Private Education Loan portfolio loan segments, we use a discounted cash flow method. This method requires us to project future principal and interest cash flows on our loans in those portfolios. To estimate the future expected cash flows, we use statistical loan-level models that consider life of loan expectations for defaults, prepayments, recoveries, and any other qualitative adjustments deemed necessary, to determine the adequacy of the allowance at each balance sheet date. These cash flows are discounted at the loan’s effective interest rate to calculate the present value of those cash flows. Management adjusts the effective interest rate used to discount expected cash flows to incorporate expected prepayments. The difference between the present value of those cash flows and the amortized cost basis of the underlying loans is the allowance for credit losses. Entities that measure credit losses based on the present value of expected future cash flows are permitted to report the entire change in present value as credit loss expense, but may alternatively report the change in present value due to the passage of time as interest income. We have elected to report the entire change in present value as credit loss expense. We estimate future default rates used in our current expected credit losses at a loan level using historical loss experience, current borrower characteristics, current conditions, and economic factors forecasted over a reasonable and supportable period. At the end of the reasonable and supportable forecast period, we immediately revert our forecasted economic factors to long-term historical averages. We estimate future prepayment speeds used in our current expected credit losses at a loan level using historical prepayment experience, current borrower characteristics, current conditions, and economic factors forecasted over a reasonable and supportable period. The reasonable and supportable forecast period is meant to represent the period in which we believe we can estimate the impact of forecasted economic factors in our expected losses. We use a two-year reasonable and supportable forecast period, although this period is subject to change as our view evolves on our ability to reasonably forecast economic conditions to estimate future losses. In estimating future default rates and prepayment speeds in our current expected credit losses, we use a combination of expected economic scenarios coupled with our historical experience and adjust for any qualitative factors (as described below). We also develop an adverse and favorable economic scenario. At each reporting date, we determine the appropriate weighting of these alternate scenarios based upon the current economic conditions and our view of the risks of alternate outcomes. This weighting of expectations is used in calculating our current expected credit losses recorded each period. We obtain forecasts for our loss model inputs from Moody’s Analytics. Moody’s Analytics provides a range of forecasts for each of these inputs with various likelihoods of occurrence. We determine which forecasts we will include in our estimation of allowance for credit losses and the associated weightings for each of these inputs. At December 31, 2024, December 31, 2023, and December 31, 2022, we used the Baseline (50th percentile likelihood of occurring)/S1 (stronger near-term growth scenario - 10 percent likelihood of occurring)/S3 (unfavorable (or downside) scenario - 10 percent likelihood of occurring) scenarios and weighted them 40 percent, 30 percent, and 30 percent, respectively. Management reviews both the scenarios and their respective weightings each quarter in determining the allowance for credit losses. In estimating recoveries, we use both estimates of what we expect to receive from the sale of defaulted loans as well as historical borrower payment behavior to estimate the timing and amount of future recoveries on charged-off loans. In addition to the above modeling approach, we also take certain qualitative factors into consideration when calculating the allowance for credit losses, which could result in management overlays (increases or decreases to the allowance for credit losses). These management overlays can encompass a broad array of factors not captured by model inputs, including, but not limited to, changes in lending policies and procedures, including changes in underwriting standards, changes in servicing policies and collection administration practices, including the loan modification program changes implemented in the fourth quarter of 2023, state law changes that could impact servicing and collection practices, charge-offs, recoveries not already included in the analysis, the effect of other external factors such as legal and regulatory requirements on the level of estimated current expected credit losses, the performance of the model over time versus actual losses, and any other operational or regulatory changes that could affect our estimate of future losses. The evaluation of the allowance for credit losses is inherently subjective, as it requires material estimates that may be susceptible to significant changes. If actual future performance in delinquency, charge-offs, and recoveries is significantly different than estimated, or management assumptions or practices were to change, this could materially affect the estimate of the allowance for credit losses, the timing of when losses are recognized, and the related provision for credit losses in our consolidated statements of income. When calculating our allowance for credit losses and liability for unfunded commitments, we incorporate several inputs that are subject to change period to period. These include, but are not limited to, CECL model inputs and any overlays deemed necessary by management. The most impactful CECL model inputs include: •Economic forecasts; •Weighting of economic forecasts; and •Recovery rates. Of the model inputs outlined above, economic forecasts, weighting of economic forecasts, and recovery rates are subject to estimation uncertainty, and changes in these inputs could have a material impact to our allowance for credit losses and the related provision for credit losses. In the fourth quarter of 2022, we changed our loss model to include forecasts of college graduate unemployment, retail sales, and median family income in determining the adequacy of the allowance for credit losses. Prior to this change, we included forecasts of college graduate unemployment and the Consumer Price Index in our loss forecasting models. In 2023, we experienced slower prepayment rates due to the rising interest rate environment. Historically, when rates rise, loan prepayments decline due to a reduction in consolidation activity of our borrowers to third party lenders, and when rates decline, loan prepayments rise due to an increase in consolidation activity of our borrowers to third party lenders. During 2023, our estimates of future prepayment speeds reflected the then current interest rate environment and future expectations of increased prepayment speeds in line with market expectations of a decline in interest rates based on the scenarios produced by Moody's Analytics described above. Slower prepayment speeds increase the allowance for credit losses because the loss rates applied in the future periods are applied to higher loan balances. In the second quarter of 2024, we implemented a loan-level future default rate model that includes current portfolio characteristics and forecasts of real gross domestic product and college graduate unemployment. In the second quarter of 2024, we also implemented a future prepayment speeds model to include forecasts of real gross domestic product, retail sales, the Secured Overnight Financing Rate (“SOFR”), and the U.S. 10-year treasury rate. These models reduce the reliance on certain qualitative overlays compared to the previous default rate and prepayment speeds models. Prior to these changes, our default rate and prepayment speeds models used forecasts of college graduate unemployment, retail sales, home price index, and median family income. Both the future default rate model and the future prepayment speeds model are used in determining the adequacy of the allowance for credit losses. The combined impact upon implementation of these model enhancements and the changes in the related qualitative overlays did not have a material impact on the overall level of our allowance for credit losses. Below we describe in further detail our policies and procedures for the allowance for credit losses as they relate to our Private Education Loan portfolio. During the third quarter of 2024, we reclassified our FFELP Loan portfolio to loans held for sale and subsequently sold the FFELP Loan portfolio to a third party during the fourth quarter of 2024. During the third quarter of 2022, we reclassified our Credit Card loan portfolio to loans held for sale and subsequently sold the Credit Card portfolio to a third party in May 2023. Allowance for Private Education Loan Losses In addition to the key assumptions/estimates described above, some estimates are unique to our Private Education Loan portfolio. Estimates are made on our Private Education Loans regarding when each borrower will separate from school. The cash flow timing of when a borrower will begin making full principal and interest payments is dependent upon when the student either graduates or leaves school. These dates can change based upon many factors. We receive information regarding projected graduation dates from a third-party clearinghouse. The separation from school date is updated quarterly based on updated information received from the clearinghouse. Additionally, when we have a contractual obligation to fund a loan or a portion of a loan at a later date, we make an estimate regarding the percentage of this obligation that will be funded. This estimate is based on historical experience. For unfunded commitments, we recognize the related life of loan allowance as a liability. Once the loan is funded, that liability transfers to the allowance for Private Education Loan losses. Key Credit Quality Indicators - Private Education Loans We determine the collectability of our Private Education Loan portfolio by evaluating certain risk characteristics. We consider credit score at original approval and periodically refreshed/updated credit scores through the loan’s term, existence of a cosigner, loan status, and loan seasoning as the key credit quality indicators because they have the most significant effect on the determination of the adequacy of our allowance for credit losses. Credit scores are an indicator of the creditworthiness of borrowers, and the higher the credit scores the more likely it is the borrowers will be able to make all of their contractual payments. Loan status affects the credit risk because a past due loan is more likely to result in a credit loss than a current loan. Additionally, loans in the deferred payment status have different credit risk profiles compared with those in current pay status. Loan seasoning affects credit risk because a loan with a history of making payments generally has a lower incidence of default than a loan with a history of making infrequent or no payments. The existence of a cosigner lowers the likelihood of default as well. We monitor and update these credit quality indicators in the analysis of the adequacy of our allowance for credit losses on a quarterly basis. In the second quarter of 2023, we changed how we collect on defaulted loans. Previously, we used a mix of in-house collectors and sales to third parties. We continue to sell a segment of defaulted loans immediately after charge-off but no longer sell retained defaulted loans (that have been subject to internal collection attempts for six months) to third parties and instead continue our collection efforts using in-house collectors and third-party collectors. This improved our estimate of recovery rates for the year ended December 31, 2023. When we estimate the timing and amount of future recoveries on charged-off loans, we no longer include expectations of future sales on retained defaulted loans. We continue to monitor how we collect on defaulted loans and may modify the approach from time to time based on performance, industry conventions, and/or regulatory feedback. For December 31, 2022, we used both an estimate of recovery rates from in-house collections as well as expectations of future sales of defaulted loans to estimate the timing and amount of future recoveries on charged-off loans. Private Education Loans generally do not require borrowers to begin principal and interest repayment until at least six months after the borrowers have graduated or otherwise separated from school. Consequently, the loss estimates for these loans are generally low while the borrower is in school and then increase upon the end of the grace period after separation from school. At December 31, 2024 and 2023, 26 percent and 25 percent, respectively, of the principal balance of the Private Education Loan portfolio was related to borrowers who were then in an in-school (fully deferred), grace, or other deferment status and not required to make payments. Our collection policies for Private Education Loans allow for periods of nonpayment (forbearance) for certain borrowers requesting an extended grace period upon leaving school or experiencing temporary difficulty meeting payment obligations. As part of concluding on the adequacy of the allowance for credit losses for Private Education Loans, we review key allowance and loan metrics. The most relevant of the metrics considered are the allowance coverage of net charge-offs ratio; the allowance as a percentage of ending total loans plus unfunded loan commitments and total accrued interest receivable; and delinquency and forbearance percentages. We consider a Private Education Loan to be delinquent if the borrower has not made a required payment prior to the 31st day after such payment was contractually due. Off-Balance Sheet Exposure for Contractual Loan Commitments When we approve a Private Education Loan at the beginning of an academic year, that approval may cover the borrowing for the entire academic year. As such, we do not always disburse the full amount of the loan at the time of such approval, but instead have a commitment to fund a portion of the loan at a later date (usually the start of the second semester or subsequent trimesters). We estimate expected credit losses over the contractual period in which we are exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by us. The discounted cash flow approach described above includes expected future contractual disbursements. The portion of the allowance for credit losses related to future disbursements is shown as a liability on the face of the balance sheet, and related provision for credit losses is reflected on the income statement. Uncollectible Interest The majority of the total accrued interest receivable on our Private Education Loan portfolio represents accrued interest on deferred loans where no payments are due while the borrower is in school and on fixed-pay loans where the borrower makes a $25 monthly payment that is smaller than the interest accrued on the loan in that month. The accrued interest on these loans will be capitalized and increase the unpaid principal balance of the loans when the borrower exits the grace period after separation from school. The discounted cash flow approach and the allowance for credit losses described above consider both the collectability of principal and accrued interest. The allowance for uncollectible interest estimates the additional uncollectible interest that is not captured in the allowance for credit losses. The allowance for uncollectible interest uses historical experience to estimate the uncollectible interest on loans for which payment in full of principal or interest is not expected. This amount is recorded as a reduction of interest income. Accrued interest receivable is separately disclosed on the face of the balance sheet. Allowance for Credit Card Loans At September 30, 2022, we transferred our Credit Card portfolio to loans held for sale as we planned to sell our Credit Card portfolio. At that time, we reversed $2.4 million through the provisions for credit losses for the allowance related to these loans. We subsequently sold the Credit Card portfolio to a third party in May 2023. Allowance for FFELP Loan Losses During the third quarter of 2024, we transferred our FFELP Loan portfolio to loans held for sale as we planned to sell our FFELP Loan portfolio. At that time, we wrote down this loan portfolio to its estimated fair value through an adjustment to the allowance for credit losses of $8 million. We subsequently sold the FFELP Loan portfolio to a third party in the fourth quarter of 2024. FFELP Loans are insured as to their principal and accrued interest in the event of default, subject to a risk-sharing level based on the date of loan disbursement. These insurance obligations are supported by contractual rights against the United States. For loans disbursed on or after July 1, 2006, owners receive 97 percent reimbursement on all qualifying claims. For loans disbursed after October 1, 1993, and before July 1, 2006, owners receive 98 percent reimbursement on all qualifying claims. For loans disbursed prior to October 1, 1993, owners receive 100 percent reimbursement. Because owners bear a maximum of three percent loss exposure due to this federal guarantee, our allowance for credit losses for FFELP Loans and related periodic provision expense were relatively small. For the years ended December 31, 2023 and 2022, we used the gross loss approach when estimating the allowance for credit losses for the unguaranteed portion of our FFELP Loans. We maintained an allowance for credit losses for our FFELP Loans at a level sufficient to cover lifetime expected credit losses. The allowance for FFELP Loan losses used historical experience of customer default behavior. We applied the default rate projections, net of applicable risk sharing, to our FFELP Loans for the respective period to perform our quantitative calculation. Once the quantitative calculation was performed, we reviewed the adequacy of the allowance for credit losses and determined if qualitative adjustments needed to be considered. Business Combinations On March 4, 2022, we completed the acquisition of the assets primarily used or held for use of Epic Research Education Services, LLC, which did business as Nitro College (“Nitro”). Nitro provided resources that helped students and families evaluate how to responsibly pay for college and manage their financial responsibilities after graduation. The addition of Nitro supports our mission of providing students with the confidence needed to successfully navigate the higher education journey. The acquisition of the Nitro assets, including its employees and intellectual property, expanded our digital marketing capabilities, reduced the cost to acquire customer accounts, and accelerated our progress to become a broader education solutions provider for students before, during, and immediately after college. In 2024, we completed the transition of the related Nitro branding to the Sallie and Sallie Mae brands and platforms. On July 21, 2023, we completed the acquisition of several key assets of Scholly, Inc. (“Scholly”). Scholly was engaged in the business of operating as a scholarship publishing and servicing platform, comprised of websites and mobile application search products that offered custom recommendations for post-secondary scholarships for students, their families, and others as well as related services for scholarship providers. The addition of Scholly assets supports our mission of providing students with the confidence needed to successfully navigate the higher education journey. These acquisitions were accounted for as business combinations using the acquisition method of accounting in accordance with the Accounting Standard Codification 805, “Business Combinations,” of the Financial Accounting Standards Board (“FASB”), whereby as of the respective acquisition date, the acquired tangible assets and liabilities were recorded at their estimated fair values. The identifiable intangible assets were recorded at fair values as determined by an independent appraiser. The final purchase price allocation for Nitro resulted in an excess purchase price over fair value of net assets acquired, or goodwill, of $51 million. The final purchase price allocation for Scholly resulted in an excess purchase price over fair value of net assets acquired, or goodwill, of $5 million. The results of operations of Nitro and Scholly have been included in our consolidated financial statements since the respective acquisition dates. We have not disclosed the pro forma impact of these acquisitions to the results of operations for the years ended December 31, 2023 and 2022, as the pro forma impacts were deemed immaterial. Transaction costs associated with the Nitro acquisition were approximately $3 million and were expensed as incurred within “Other operating expenses” in the consolidated statements of income for the year ended December 31, 2022. Transaction costs associated with the Scholly acquisition were approximately $1 million and were expensed as incurred within “Other operating expenses” in the consolidated statements of income for the year ended December 31, 2023. Identifiable intangible assets at the acquisition date of Nitro included definite life intangible assets with an aggregate fair value of approximately $75 million, including trade name and trademarks, customer relationships, and developed technology. In the fourth quarter of 2023, we impaired our Nitro trade name and trademarks intangible asset. See Note 8, “Goodwill and Acquired Intangible Assets” in this Form 10-K for additional details. Identifiable intangible assets at the acquisition date of Scholly included definite life intangible assets with an aggregate fair value of approximately $11 million, including trade name and trademarks, developed technology, customer relationships, and partner relationships. See “—Goodwill and Acquired Intangible Assets” in this Note 2 and Note 8, “Goodwill and Acquired Intangible Assets” in this Form 10-K for additional details. Goodwill and Acquired Intangible Assets Acquisitions are accounted for under the acquisition method of accounting, which results in the Company allocating the purchase price to the fair value of the acquired assets, liabilities, and non-controlling interests, if any, with the remaining purchase price allocated to goodwill. Goodwill is not amortized but is tested periodically for impairment. We test goodwill for impairment annually in the fourth quarter of the year, or more frequently if we believe that indicators of impairment exist. We complete a goodwill impairment analysis, which may be a qualitative or a quantitative analysis depending on the facts and circumstances associated with the reporting unit. In conjunction with a qualitative impairment analysis, we assess relevant qualitative factors to determine whether it is “more-likely-than-not” that the fair value of a reporting unit is less than its carrying amount. The “more-likely-than-not” threshold is defined as having a likelihood of more than 50 percent. If, based on first assessing impairment utilizing a qualitative approach, we determine it is “more-likely-than not” that the fair value of the reporting unit is less than its carrying amount, we will also complete a quantitative impairment analysis. In conjunction with a quantitative impairment analysis, we compare the fair value of the reporting unit to the reporting unit’s carrying value, including goodwill. If the carrying value of the reporting unit exceeds the fair value, goodwill is impaired in an amount equal to the amount by which the carrying value exceeds the fair value of the reporting unit, but not to exceed the goodwill amount attributed to the reporting unit. Acquired intangible assets include trade names and trademarks, customer relationships, developed technology, and partner relationships. Our acquired intangible assets have finite lives and are amortized over their estimated useful lives in proportion to their estimated economic benefit. We review our long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. See Note 8, “Goodwill and Acquired Intangible Assets” in this Form 10-K for additional details. Deposits Our retail deposit accounts are principally certificates of deposit (“CDs”), money market deposit accounts (“MMDAs”), and high-yield savings (“HYS”) accounts. CDs are accounts that have a stipulated maturity and interest rate. Retail CDs may be withdrawn early, but a penalty is assessed. MMDA and HYS accounts are both interest and non-interest-bearing accounts that have no maturity or expiration date. For retail MMDA and HYS accounts, the depositor may be required to give written notice of any intended withdrawal not less than seven days before the withdrawal is made. The Bank also includes brokered CDs in its funding base. Early withdrawal of brokered CDs is generally prohibited (except in the case of death or legal incapacity). Other deposit accounts include large interest-bearing omnibus accounts deposited in the Bank by commercial entities having custodial responsibilities for many underlying accounts. These omnibus accounts may be structured with or without fixed maturities, and may have fixed or variable interest rates. Fair Value Measurement We use estimates of fair value in applying various accounting standards for our financial statements. Fair value measurements are used in one of four ways: •In the consolidated balance sheet with changes in fair value recorded in the consolidated statement of income; •In the consolidated balance sheet with changes in fair value recorded in the accumulated other comprehensive income section of the consolidated statement of changes in equity; •In the consolidated balance sheet for instruments carried at lower of cost or fair value with impairment charges recorded in the consolidated statement of income; and •In the notes to the consolidated financial statements. Fair value is defined as the price to sell an asset or transfer a liability in an orderly transaction between willing and able market participants. In general, our policy in estimating fair value is to first look at observable market prices for identical assets and liabilities in active markets, where available. When these are not available, other inputs are used to model fair value such as prices of similar instruments, yield curves, volatilities, prepayment speeds, default rates, and credit spreads (including for our liabilities), relying first on observable data from active markets. Depending on current market conditions, additional adjustments to fair value may be based on factors such as liquidity, credit, and bid/offer spreads. Transaction costs are not included in the determination of fair value. When possible, we seek to validate the model’s output to market transactions. Depending on the availability of observable inputs and prices, different valuation models could produce materially different fair value estimates. The values presented may not represent future fair values and may not be realizable. We categorize our fair value estimates based on a hierarchical framework associated with three levels of price transparency utilized in measuring financial instruments at fair value. Classification is based on the lowest level of input that is significant to the fair value of the instrument. The three levels are as follows: •Level 1 — Quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access at the measurement date. The types of financial instruments included in level 1 are highly liquid instruments with quoted prices. •Level 2 — Inputs from active markets, other than quoted prices for identical instruments, are used to determine fair value. Significant inputs are directly observable from active markets for substantially the full term of the asset or liability being valued. •Level 3 — Pricing inputs significant to the valuation are unobservable. Inputs are developed based on the best information available. However, significant judgment is required by us in developing the inputs. Loan Interest Income For all loans, including impaired loans (regardless of the delinquency status of the impaired loans), classified as held for investment, we recognize interest income as earned, adjusted for the amortization of deferred direct origination and acquisition costs. Deferred fees or costs are required to be recognized as yield adjustments over the life of the related loans and are recognized by the interest method. The objective of the interest method is to arrive at periodic interest income (including recognition of fees and costs) at a constant effective yield on the net investment in the receivable (i.e., the principal amount of the receivable adjusted by unamortized fees or costs, purchase premium or discount, and any hedging activity—these unamortized costs will collectively be referred to as “basis adjustments”). The difference between the periodic interest income so determined and the interest income determined by applying the stated interest rate to the outstanding principal amount of the receivable is the amount of periodic amortization of deferred direct origination and acquisition costs. For the amortization of the basis adjustments, we determine the constant effective yield necessary to apply the interest method based upon the contractual terms of the loan contract, with no consideration given to expected prepayments. For fixed-rate loans, when a prepayment occurs the unamortized balance of the basis adjustments is adjusted so that future amortization (based upon the contractual terms of the loan) will result in a constant effective yield equal to the original effective interest rate. Prepayments do not result in a change in the effective interest rate of the loan. We determine the contractual payments on a pool basis; as such, when a prepayment occurs, future contractual payments will be determined assuming the pool will make smaller payments through the original term of the contract. The adjustment to the unamortized basis adjustment balance is recorded in interest income. For variable-rate loans, the effective interest rate at the time of origination is the loan’s effective interest rate assuming all future contractual payments. The effective interest rate remains the same for that loan until the loan rate changes. If there is no prepayment and no change in the stated interest rate, the periodic amortization of the basis adjustments is equal to the difference between the effective interest rate multiplied by the book basis and the contractual interest due. We determine the contractual payments on a pool basis; as such, when a prepayment occurs, future contractual payments will be determined assuming the pool will make smaller payments through the original term of the contract. The adjustment to the unamortized basis adjustment balance is recorded in interest income. When the interest rate on a variable-rate loan changes, the effective interest rate is recalculated using the same methodology described in the previous paragraph; however, the future contractual payments are changed to reflect the new interest rate. There is no forecasting of future expected changes in interest rates. The accounting basis used to determine the effective interest rate of the cash flows is equal to the balances of the unpaid principal balance and unamortized basis adjustments at the time of the rate change. We also paid the U.S. Department of Education (the “DOE”) an annual 105 basis point Consolidation Loan Rebate Fee on FFELP consolidation loans, which was netted against loan interest income. Additionally, interest earned on education loans reflects potential non-payment adjustments in accordance with our uncollectible interest recognition policy. We do not amortize any adjustments to the basis of loans when they are classified as held for sale. For loans not currently in full principal and interest repayment status or interest-only repayment status, we recognize the allowance for the portion of uncollectible interest representing amounts to be capitalized after separation from school and the expiration of the grace period to the provisions for credit losses and classify this allowance as part of our allowance for credit losses. The allowance for the portion of uncollectible interest on loans making full interest payments estimates the additional uncollectible interest that is not captured in the allowance for credit losses and will continue to be recorded as a reduction of interest income. As we maintain an allowance for uncollectible interest on loans making full interest payments and an allowance for credit losses for the interest on loans where all, or a portion of the interest, will be capitalized in the future, we do not place loans in nonaccrual status prior to charge-off. However, if it is determined that an individual loan or pool of loans is high risk, they may be placed on nonaccrual status, which entails stopping the accrual of interest on those loans until such time that the borrower(s) have made a sufficient number of payments (typically six months) to return to accrual status. At December 31, 2024, we had an immaterial amount of loans in nonaccrual status. At December 31, 2023, we also had an immaterial amount of loans in nonaccrual status. We recognize certain fee income (primarily late fees) on all loans when earned according to the contractual provisions of the promissory notes, as well as our expectation of collectability. Fee income is recorded when earned in “other non-interest income” in the accompanying consolidated statements of income. Interest Expense Interest expense is based upon contractual interest rates and other fees, adjusted for the amortization of issuance costs, premiums, and discounts. We incur interest expense on interest-bearing deposits comprised of non-maturity savings deposits, brokered and retail CDs, brokered and retail MMDAs, as well as unsecured and secured financings. Our Private Education Loan multi-lender secured borrowing facility (the “Secured Borrowing Facility”) also incurs an unused facility fee on the amount of unfunded commitments. Interest expense is recognized when amounts are contractually due and is adjusted for net payments/receipts related to qualifying interest rate swap agreements designated as hedges of interest-bearing liabilities. Interest expense also includes the amortization of deferred gains and losses on closed qualifying hedge transactions. Amortization of debt issuance costs, premiums, discounts, and terminated hedge-basis adjustments are recognized using the effective interest rate method. Refer to Note 9, “Deposits,” and Note 10, “Borrowings” in this Form 10-K for further details of our interest-bearing liabilities. Gains on Sale of Loans, Net We may participate and sell loans to third parties and affiliates. These sales may occur through whole loan sales or securitization transactions that qualify for sale treatment. If a transfer of loans qualifies as a sale, we derecognize the loan and recognize a gain or loss as the difference between the carry basis of the loan sold and liabilities retained and the compensation received. We recognize the results of a transfer of loans based upon the settlement date of the transaction. These loans were initially recorded as held for investment and were transferred to held for sale immediately prior to sale or securitization. Other Income Included in other income are late fees on both Private Education Loans and FFELP Loans, which we recognize when the cash has been received, income for servicing private student loans for third parties, and changes to our tax indemnification receivable from Navient. Other income also included fees related to our Credit Card program. At September 30, 2022, we transferred our Credit Card portfolio to loans held for sale and subsequently sold the Credit Card portfolio to a third party in May 2023. Securitization Accounting Our securitization transactions use a two-step structure with a special purpose entity VIE that legally isolates the transferred assets from us in the event of bankruptcy or receivership. Transactions receiving sale treatment are also structured to ensure that the holders of the beneficial interests issued are not constrained from pledging or exchanging their interests, and that we do not maintain effective control over the transferred assets. If these criteria are not met, the transaction does not meet the criteria for sale treatment and is accounted for as an on-balance sheet secured borrowing. If a securitization qualifies as a sale, we assess whether Sallie Mae is the primary beneficiary of the securitization trust and thus required to consolidate the trust. We are considered the primary beneficiary if we have both: (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance; and (ii) the obligation to absorb losses or receive benefits of the entity that could potentially be significant to the VIE. As there is not a bright-line test for determining significance, the assessment of who has the power to significantly direct the activities of the VIE, and who has the obligation to absorb losses or receive benefits material to the VIE, can be qualitative and judgmental in nature. If we are determined to be the primary beneficiary, then no gain or loss is recognized on the transaction. Irrespective of whether a securitization receives sale or on-balance sheet treatment, our continuing involvement with our securitization trusts is generally limited to: •Owning the equity certificates of certain trusts; •The servicing of the student loan assets within the securitization trusts, on both a pre- and post-default basis; •Our acting as administrator for the securitization transactions we sponsored; •Our responsibilities relative to representation and warranty violations; and •The option to exercise the clean-up call and purchase the student loans from the trust when the pool balance is 10 percent or less of the original pool balance. In 2024 and 2023, we executed several secured financing transactions. Based upon our relationships with these securitizations, we believe the consolidation assessment is straightforward. We consolidated our secured financing transactions because either we did not meet the accounting criterion for sales treatment or we determined we were the primary beneficiary of the VIE because we retained (i) the residual interest in the securitization and therefore had the obligation to absorb losses or receive benefits of the entity that could potentially be significant to the VIE, as well as (ii) the power to direct the activities of the VIE in our role as servicer. The investors in our securitization trusts have no recourse to our other assets should there be a failure of the trust to pay when due. Generally, the only recourse the securitization trusts have to us is in the event we breach a seller representation or warranty or our duties as master servicer and servicer, in which event we are obligated to repurchase the related loans from the trust. We may also be responsible for indemnities in other instances for such things as willful misfeasance or bad faith. In 2024 and 2023, we also closed several loan sales and securitization transactions that were not consolidated on our balance sheet due to the transaction having met the criteria for sales treatment and Sallie Mae not being the primary beneficiary. In these transactions, we removed loans from our consolidated balance sheet and recognized any assets retained and liabilities assumed at fair value, and recorded a gain or loss on the transferred loans. Our continuing involvement in these securitization transactions mainly consists of acting as the primary servicer and holding certain retained interests. We provide additional information regarding these types of activities in Note 10, “Borrowings — Unconsolidated Funding Vehicles” in this Form 10-K. Derivative Accounting We account for our derivatives, consisting of interest rate swaps, at fair value on the consolidated balance sheets as either an asset or liability. Derivative positions are recorded as net positions by counterparty based on master netting arrangements (see Note 11, “Derivative Financial Instruments” in this Form 10-K), exclusive of accrued interest and cash collateral held or pledged. The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the “Dodd-Frank Act”) requires all standardized derivatives, including most interest rate swaps, to be submitted for clearing to central counterparties to reduce counterparty risk. Two of the central counterparties we use are the Chicago Mercantile Exchange (the “CME”) and the London Clearing House (the “LCH”). All variation margin payments on derivatives cleared through the CME and LCH are accounted for as legal settlement. As of December 31, 2024, $850 million notional of our derivative contracts were cleared on the CME and $71 million were cleared on the LCH. The derivative contracts cleared through the CME and LCH represent 92.3 percent and 7.7 percent, respectively, of our total notional derivative contracts of $921 million at December 31, 2024. For derivatives cleared through the CME and LCH, the net gain (loss) position includes the variation margin amounts as settlement of the derivative and not collateral against the fair value of the derivative. The amount of variation margin included as settlement as of December 31, 2024 was $(22) million and $(1) million for the CME and LCH, respectively. Changes in fair value for derivatives not designated as hedging instruments are presented as realized gains (losses). We determine the fair value for our derivative contracts primarily using pricing models that consider current market conditions and the contractual terms of the derivative contracts. These pricing models consider interest rates, time value, forward interest rate curves, and volatility factors. Inputs are generally from active financial markets. The accounting for derivative instruments requires that every derivative instrument, including certain derivative instruments embedded in other contracts, be recorded on the balance sheet as either an asset or liability measured at fair value. Our derivative instruments are classified and accounted for by us as either fair value hedges or cash flow hedges. Each derivative is designated to a specific (or pool of) liability(ies) on the consolidated balance sheets, and is designated as either a “fair value” hedge or a “cash flow” hedge. Fair value hedges are designed to hedge our exposure to the changes in fair value of a fixed-rate liability. For effective fair value hedges, both the hedge and the hedged item (for the risk being hedged) are recorded at fair value with any difference reflecting ineffectiveness recorded immediately in the consolidated statements of income. Cash flow hedges are designed to hedge our exposure to variability in cash flows related to variable-rate deposits. The assessment of the hedge’s effectiveness is performed at inception and on an ongoing basis, using regression testing. For hedges of a pool of liabilities, tests are performed to demonstrate the similarity of individual instruments of the pool. When it is determined that a derivative is not currently an effective hedge, ineffectiveness is recognized for the full change in fair value of the derivative with no offsetting amount from the hedged item since the last time it was effective. If it is also determined the hedge will not be effective in the future, we discontinue the hedge accounting prospectively and begin amortization of any basis adjustments that exist related to the hedged item. On March 12, 2020, FASB issued ASU No. 2020-04, “Reference Rate Reform (“Topic 848”): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” On January 7, 2021, the FASB issued ASU No. 2021-01, “Reference Rate Reform (“Topic 848”): Scope” that clarified the scope of Topic 848. Topic 848 contains temporary optional expedients and exceptions for applying GAAP to contract modifications, hedging relationships, and other transactions affected by reference rate reform. Our derivative portfolio is made up of interest rate swaps that are centrally cleared through either the CME or the LCH. On October 16, 2020, both the CME and the LCH changed the price alignment interest and discount rate applied when valuing these transactions to SOFR. The ISDA 2020 LIBOR Fallbacks Protocol (the “ISDA Fallback Protocol”) was made available for adherence on October 23, 2020, with an effective date of January 25, 2021. Once adhered to by both counterparties in a bilateral relationship and the effective date is reached, the ISDA Fallback Protocol represents a change to the contractual terms of derivatives governed by each respective ISDA agreement between the Company and a derivative counterparty. We have elected the option provided in Topic 848 to not reassess previous accounting determinations as well as the option to not dedesignate a hedging relationship due to a current or future change in a critical or contractual term related to reference rate reform, including changes in the discount rate. As our liabilities began to use alternatives to LIBOR before LIBOR was no longer published, for cash flow hedges of forecasted LIBOR based payments, we elected the expedient offered in Topic 848 to disregard the potential change in the designated hedged interest rate risk that may occur because of reference rate reform when we assess whether the hedged forecasted transactions are probable, in accordance with the requirements of “Derivatives and Hedging” Topic 815. We have also elected the expedient provided by Topic 848 to assume the reference rate would not be replaced for the remainder of the hedging relationship when assessing hedge effectiveness. Stock-Based Compensation We recognize stock-based compensation cost in our consolidated statements of income using the fair value method. Under this method, we determine the fair value of the stock-based compensation at the time of the grant and recognize the resulting compensation expense over the shorter of the vesting period of the stock-based grant or the employee’s retirement eligible date. We do not apply a forfeiture rate to our stock-based compensation expense, but rather record forfeitures when they occur. We record all excess tax benefits/deficiencies related to the settlement of employee stock-based compensation to the income tax expense line item on our consolidated statements of income. Income Taxes We account for income taxes under the asset and liability approach, which requires the recognition of deferred tax liabilities and assets for the expected future tax consequences of temporary differences between the carrying amounts and tax basis of our assets and liabilities. To the extent tax laws change, deferred tax assets and liabilities are adjusted in the period that the tax change is enacted. “Income tax expense (benefit)” includes (i) deferred tax expense (benefit), which represents the net change in the deferred tax asset or liability balance during the year when applicable, and (ii) current tax expense (benefit), which represents the amount of tax currently payable to or receivable from a tax authority plus amounts accrued for unrecognized tax benefits. Income tax expense (benefit) excludes the tax effects related to adjustments recorded in equity. An uncertain tax position is recognized only if it is more likely than not to be sustained upon examination based on the technical merits of the position. The amount of tax benefit recognized in the consolidated financial statements is the largest amount of benefit that is more than 50 percent likely of being sustained upon ultimate settlement of the uncertain tax position. We recognize interest and penalties related to unrecognized tax benefits in income tax expense (benefit). Recently Adopted Accounting Pronouncements In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The ASU improves reportable segment disclosure requirements and requires enhanced disclosures about significant segment expenses. We adopted this amendment as of December 31, 2024, on a retrospective basis. See Note 22, “Segment Reporting” in this Form 10-K for additional details on the impact of adoption of the ASU. Recently Issued Accounting Pronouncements In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU requires entities to disclose specific categories in the effective tax rate reconciliation and provide additional information for reconciling items where the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income/loss by the applicable statutory income tax rate. Additionally, entities are required to disclose the year-to-date amount of income taxes paid (net of refunds received) disaggregated by jurisdiction. The standard is effective for fiscal years beginning after December 15, 2024. We do not expect the impact of this ASU to be material to our consolidated financial statements. In November 2024, the FASB issued ASU No. 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosure (Subtopic 220-40): Disaggregation of Income Statement Expenses. The ASU is intended to provide more detailed information about specified categories of expenses (purchases of inventory, employee compensation, depreciation and amortization) included in certain expense captions presented on the consolidated statements of income. The guidance in this standard is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the impact of the ASU on our consolidated financial statements.

Stock-Based Compensation Plans and Arrangements - Restricted Stock and Performance Stock Unit Activity (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Weighted Average Grant Date Fair Value
Unrecognized compensation cost	$ 23.0
Weighted average period for total unrecognized compensation cost	1 year 6 months
Restricted Stock
Number of Shares
Beginning balance (in shares)	83,479
Granted (in shares)	77,759
Vested (in shares)	(83,479)
Canceled (in shares)	(7,069)
Ending balance (in shares)	70,690	83,479
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 16.47
Granted (in dollars per share)	20.51
Vested (in dollars per share)	16.47
Canceled (in dollars per share)	20.51
Ending balance (in dollars per share)	$ 20.51	$ 16.47
Fair value of shares vested	$ 1.0	$ 1.0	$ 1.0
Unrecognized compensation cost	$ 0.7
Weighted average period for total unrecognized compensation cost	6 months
Restricted Stock Units And Performance Stock Units
Number of Shares
Beginning balance (in shares)	4,346,994
Granted (in shares)	2,061,763
Vested (in shares)	(1,932,557)
Canceled (in shares)	(38,019)
Ending balance (in shares)	4,438,181	4,346,994
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 16.39
Granted (in dollars per share)	20.22
Vested (in dollars per share)	16.39
Canceled (in dollars per share)	18.25
Ending balance (in dollars per share)	$ 18.16	$ 16.39
Fair value of restricted stock units that vested and converted to common stock	$ 32.0	$ 35.0	$ 34.0
Unrecognized compensation cost	$ 22.0
Weighted average period for total unrecognized compensation cost	1 year 6 months

Earnings Per Common Share

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Earnings Per Common Share

Earnings per Common Share

Basic earnings per common share (“EPS”) are calculated using the weighted average number of shares of common stock outstanding during each period. A reconciliation of the numerators and denominators of the basic and diluted EPS calculations follows.


Years ended December 31, (dollars in thousands, except per share data)	2024		2023		2022
Numerator:
Net income	$	608,325	$	581,391	$	469,014
Preferred stock dividends	18,296		17,705		9,029
Net income attributable to SLM Corporation common stock	$	590,029	$	563,686	$	459,985
Denominator:
Weighted average shares used to compute basic EPS	216,220		231,411		258,439
Effect of dilutive securities:
Dilutive effect of stock options, restricted stock, restricted stock units, performance stock units, and Employee Stock Purchase Plan (“ESPP”) (1)(2)	3,714		2,652		3,064
Weighted average shares used to compute diluted EPS	219,934		234,063		261,503

Basic earnings per common share	$	2.73	$	2.44	$	1.78

Diluted earnings per common share	$	2.68	$	2.41	$	1.76

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net income	$ 608,325	$ 581,391	$ 469,014

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
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+ Details

Borrowings - Other Borrowing Sources Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Uncommitted federal funds		$ 125
Lendable value of collateral	$ 2,200	$ 1,600

Cash and Cash Equivalents (Details) - USD ($)	12 Months Ended
Cash and Cash Equivalents (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Cash and Cash Equivalents [Abstract]
Cash due from Federal Reserve Bank	$ 4,600,000,000	$ 4,100,000,000
Cash due from depository institutions	57,000,000	41,000,000
Outstanding cash equivalents	0	0
Interest income from term deposit facility	0	0
Funds on deposit with the FRB	$ 0	$ 0

Defined Contribution Plans (Details) - Sallie Mae 401(k) Savings Plan - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Defined Contribution Plan Disclosure [Line Items]
Employer matching contribution percentage	100.00%
Type 1 of defined benefit contribution (up to)	5.00%
Employer contribution amount	$ 10	$ 8	$ 7

Fair Value Measurements - Fair Values of Financial Assets and Liabilities, Including Derivative Financial Instruments (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Earning assets:
Trading investments	$ 53,262	$ 54,481
Accrued interest receivable, difference	116,884	68,862
Derivative instruments	0	0
Total earning assets, difference	3,325,107	2,534,325
Interest-bearing liabilities:
Long-term borrowings, difference	116,961	353,822
Derivative instruments	40	370
Total interest-bearing liabilities, difference	86,316	489,912
Excess of net asset fair value over carrying value	3,411,423	3,024,237
Money-market and savings accounts
Interest-bearing liabilities:
Deposits, difference	22,593	68,409
Certificates of deposit
Interest-bearing liabilities:
Deposits, difference	(53,238)	67,681
Fair Value
Earning assets:
Cash and cash equivalents	4,700,366	4,149,838
Trading investments	53,262	54,481
Available-for-sale investments	1,933,226	2,411,622
Accrued interest receivable	1,663,474	1,448,766
Derivative instruments	0	0
Total	32,460,709	30,836,527
Interest-bearing liabilities:
Long-term borrowings	6,323,384	4,873,690
Accrued interest payable	108,488	105,066
Derivative instruments	40	370
Total interest-bearing liabilities	27,529,309	26,494,693
Fair Value \| Money-market and savings accounts
Interest-bearing liabilities:
Deposits	10,503,731	11,134,883
Fair Value \| Certificates of deposit
Interest-bearing liabilities:
Deposits	10,593,666	10,380,684
Carrying Value
Earning assets:
Cash and cash equivalents	4,700,366	4,149,838
Trading investments	53,262	54,481
Available-for-sale investments	1,933,226	2,411,622
Accrued interest receivable	1,546,590	1,379,904
Derivative instruments	0	0
Total	29,135,602	28,302,202
Interest-bearing liabilities:
Long-term borrowings	6,440,345	5,227,512
Accrued interest payable	108,488	105,066
Derivative instruments	40	370
Total interest-bearing liabilities	27,615,625	26,984,605
Carrying Value \| Money-market and savings accounts
Interest-bearing liabilities:
Deposits	10,526,324	11,203,292
Carrying Value \| Certificates of deposit
Interest-bearing liabilities:
Deposits	10,540,428	10,448,365
Private Education Loans
Earning assets:
Loans held for investment, net, difference	3,208,223	2,456,752
Private Education Loans \| Fair Value
Earning assets:
Private Education Loans	24,110,381	22,229,045
Private Education Loans \| Carrying Value
Earning assets:
Private Education Loans	20,902,158	19,772,293
FFELP Loans
Earning assets:
Loans held for investment, net, difference	0	8,711
FFELP Loans \| Fair Value
Earning assets:
Private Education Loans	0	542,775
FFELP Loans \| Carrying Value
Earning assets:
Private Education Loans	$ 0	$ 534,064

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Reconciliations of Statutory U.S. Federal Income Tax Rates to our Effective Tax Rate

Reconciliations of the statutory U.S. federal income tax rates to our effective tax rate for continuing operations follow:


Years ended December 31,	2024		2023		2022
Statutory rate	21.0	%	21.0	%	21.0	%

State tax, net of federal benefit	2.3		3.8		4.1
Business credits	(2.0)		(1.3)		(1.5)





Other, net	2.5		1.8		2.0
Effective tax rate	23.8	%	25.3	%	25.6	%

Components of Provision for Income Tax Expense (Benefit)

Income tax expense consists of:


As of December 31, (dollars in thousands)	2024		2023		2022
Current provision (benefit):
Federal	$	181,132	$	175,977	$	205,954
State	43,506		44,152		49,427

Total current provision (benefit)	224,638		220,129		255,381
Deferred provision (benefit):
Federal	(19,032)		(20,687)		(75,978)
State	(15,295)		(2,537)		(17,692)

Total deferred provision (benefit)	(34,327)		(23,224)		(93,670)
Provision for income tax expense	$	190,311	$	196,905	$	161,711

Schedule of Deferred Tax Assets and Liabilities

The tax effect of temporary differences that give rise to deferred tax assets and liabilities is summarized below.


As of December 31, (dollars in thousands)	2024		2023
Deferred tax assets:
Loan reserves	$	376,029	$	354,412
Net unrealized losses	21,209		24,176
Accrued expenses not currently deductible	19,841		16,297
Unrecorded tax benefits	12,008		11,568
Research and development costs	38,119		26,519
Stock-based compensation plans	12,885		10,847

Acquired intangible assets	16,394		14,536
Operating loss carryovers	—		26




Other	1,785		1,426
Total deferred tax assets	498,270		459,807
Deferred tax liabilities:
Student loan premiums and discounts, net	22,873		15,908
Fixed assets	7,708		8,533
Federal deferred for state receivable	1,908		1,171




Other	402		614
Total deferred tax liabilities	32,891		26,226
Net deferred tax assets	$	465,379	$	433,581

Summary of Changes in Unrecognized Tax Benefits

The following table summarizes changes in unrecognized tax benefits:


As of December 31, (dollars in thousands)	2024		2023		2022
Unrecognized tax benefits at beginning of year	$	68,123	$	79,366	$	75,328
Increases resulting from tax positions taken during a prior period	1,232		1,204		6,049
Decreases resulting from tax positions taken during a prior period	(1,890)		(250)		(1,327)
Increases resulting from tax positions taken during the current period	3,218		2,711		11,032
Decreases related to settlements with taxing authorities	(18,349)		(10,089)		(4,666)

Reductions related to the lapse of statute of limitations	(3,927)		(4,819)		(7,050)
Unrecognized tax benefits at end of year	$	48,407	$	68,123	$	79,366

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Statutory U.S. federal rate	21.00%	21.00%	21.00%
Operating loss carryforwards, valuation allowance	$ 234,000	$ 223,000
Valuation allowance	234,000	223,000
Capital loss	23,000	18,000
Net unrealized losses in valuation allowance	5,000	4,000
Unrecognized tax benefits	48,407	68,123	$ 79,366	$ 75,328
Unrecognized tax benefits recognition impact on effective tax rate	39,000
Interest on income taxes accrued net of related benefit	11,000	8,000	8,000
Interest on income tax expense net of related tax benefit	3,000	$ 2,000	$ (2,000)
Possible decrease in uncertain tax position	$ 11,000
Minimum
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Combination of subsidiaries	3 years
Maximum
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Combination of subsidiaries	4 years

Stockholders' Equity - Common Stock Dividends (Details) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Equity [Abstract]
Common stock dividend per common share (in dollars per share)	$ 0.46	$ 0.44	$ 0.44

Income Taxes - Summary of Changes in Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Unrecognized Tax Benefits [Roll Forward]
Unrecognized tax benefits at beginning of year	$ 68,123	$ 79,366	$ 75,328
Increases resulting from tax positions taken during a prior period	1,232	1,204	6,049
Decreases resulting from tax positions taken during a prior period	(1,890)	(250)	(1,327)
Increases resulting from tax positions taken during the current period	3,218	2,711	11,032
Decreases related to settlements with taxing authorities	(18,349)	(10,089)	(4,666)
Reductions related to the lapse of statute of limitations	(3,927)	(4,819)	(7,050)
Unrecognized tax benefits at end of year	$ 48,407	$ 68,123	$ 79,366

Derivative Financial Instruments - Impact of Derivatives on Consolidated Statements of Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Trading
Total	$ 26,007	$ 21,893	$ 19,698
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Losses on derivatives and hedging activities, net	Losses on derivatives and hedging activities, net	Losses on derivatives and hedging activities, net
Designated as Hedging Instrument
Fair Value Hedges
Interest recognized on derivatives	$ (15,278)	$ (26,054)	$ 16,308
Hedged items recorded in interest expense	(11,490)	(18,350)	82,043
Derivatives recorded in interest expense	11,554	18,487	(82,063)
Trading
Total	(15,214)	(25,917)	16,288
Designated as Hedging Instrument \| Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent \| Reclassification out of Accumulated Other Comprehensive Income
Cash Flow Hedges
Interest expense	41,221	47,810	3,658
Trading
Trading
Change in fair value of future interest payments recorded in earnings	0	0	(248)
Total	$ 0	$ 0	$ (248)

Stock-Based Compensation Plans and Arrangements - Narrative (Details)	12 Months Ended
	Dec. 31, 2024 USD ($) numberOfCompensationPlan shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of active stock-based compensation plans \| numberOfCompensationPlan	1
Stock-based compensation cost	$ 39,996,000	$ 36,380,000	$ 34,461,000
Unrecognized compensation cost	$ 23,000,000
Weighted average period for total unrecognized compensation cost	1 year 6 months
Options granted in period (in shares) \| shares		0	86,536
Options granted, exercise price multiplier			100.00%
Vesting percentage			100.00%
Vesting period			3 years
Expiration period			10 years
Offering period of employee stock purchase plan	12 months
Maximum contribution amount per employee to ESPP	$ 7,500
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized to be issued under plan (in shares) \| shares	14,000,000
Unrecognized compensation cost	$ 1,000,000
Percentage of discount available to employees under ESPP	15.00%
Vesting period	1 year
Company's common stock purchased by ESPP participants (in shares) \| shares	227,000	195,000	0
Performance Vesting Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 700,000
Weighted average period for total unrecognized compensation cost	6 months
Vesting period	1 year
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
2021 Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized to be issued under plan (in shares) \| shares	14,000,000

Segment Reporting

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment Reporting

The Company is managed as a single line of business with a single reportable segment originating and servicing high-quality Private Education Loans and providing other education-related services to customers. Our consolidated financial results are regularly reviewed by the Company’s Chief Executive Officer (the “CEO”) to allocate resources and evaluate financial performance.

The CEO evaluates the performance of the Company and decides how to allocate resources based on net income and total consolidated assets. The CEO uses net income to assess financial performance and to decide whether to re-invest profits into the Company or to return capital to shareholders in the form of dividends or the repurchase of common stock. Net income is also used to compare budget versus actual results, and the budget versus actual analysis is part of the segment financial performance review.

The following table illustrates the significant expense categories and amounts regularly provided to the CEO.


Years Ended December 31, (dollars in thousands)	2024		2023		2022
Non-interest expenses:
Compensation and benefits	$	349,387	$	326,554	$	270,354
Professional fees	129,472		145,062		164,226
Technology expenses	57,431		54,942		48,561
FDIC assessment fees	51,606		45,766		20,939
Other operating expenses	48,674		46,882		47,382
Total operating expenses	636,570		619,206		551,462
Acquired intangible assets impairment and amortization expense	5,329		66,364		7,779
Total non-interest expenses	$	641,899	$	685,570	$	559,241

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
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+ Details

Allowance for Credit Losses and Unfunded Loan Commitments - Loan Portfolio Stratified by Key Credit Quality Indicators (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
% of Balance
Current period recoveries, total	$ (377,220)	$ (421,096)	$ (431,244)
Current period recoveries, total	44,756	46,368	41,742
Current period net charge-offs, total	(332,464)	(374,728)	(389,502)
Consumer Portfolio Segment \| Student Loan
% of Balance
Current period gross charge-offs, Year 1	(1,826)	(1,812)
Current period gross charge-offs, Year 2	(29,094)	(31,032)
Current period gross charge-offs, Year 3	(68,454)	(70,331)
Current period gross charge-offs, Year 4	(53,697)	(49,624)
Current period gross charge-offs, Year 5	(37,318)	(50,585)
Current period gross charge-offs, Year 6	(186,451)	(216,711)
Current period recoveries, total	(376,840)	(420,095)
Current period recoveries, Year 1	117	172
Current period recoveries, Year 2	2,191	2,342
Current period recoveries, Year 3	6,487	6,496
Current period recoveries, Year 4	5,771	4,923
Current period recoveries, Year 5	3,840	5,260
Current period recoveries, Year 6	26,350	27,175
Current period recoveries, total	44,756	46,368
Current period net charge-offs, Year 1	(1,709)	(1,640)
Current period net charge-offs, Year 2	(26,903)	(28,690)
Current period net charge-offs, Year 3	(61,967)	(63,835)
Current period net charge-offs, Year 4	(47,926)	(44,701)
Current period net charge-offs, Year 5	(33,478)	(45,325)
Current period net charge-offs, Year 6	(160,101)	(189,536)
Current period net charge-offs, total	(332,084)	(373,727)
Total accrued interest by origination vintage, Year 1	195,291	177,959
Total accrued interest by origination vintage, Year 2	484,531	408,800
Total accrued interest by origination vintage, Year 3	325,962	269,978
Total accrued interest by origination vintage, Year 4	197,504	152,094
Total accrued interest by origination vintage, Year 5	106,565	116,618
Total accrued interest by origination vintage, Year 6	239,562	229,116
Total accrued interest by origination vintage	1,549,415	1,354,565
Consumer Portfolio Segment \| Student Loan \| Loan delinquent, current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	2,820,940	2,469,817	2,411,441
Year 2	3,312,916	3,254,534	2,991,839
Year 3	2,259,455	2,131,040	1,907,574
Year 4	1,590,812	1,416,069	1,683,986
Year 5	1,107,189	1,323,825	1,301,809
After Year 5	4,422,021	4,213,986	4,262,698
Loan type	15,513,333	14,809,271	14,559,347
Consumer Portfolio Segment \| Student Loan \| Loan delinquent 30-59 days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	13,533	17,599	14,164
Year 2	36,441	34,627	30,740
Year 3	45,543	37,147	30,877
Year 4	35,245	28,020	35,213
Year 5	27,302	31,432	31,366
After Year 5	152,684	149,926	144,948
Loan type	310,748	298,751	287,308
Consumer Portfolio Segment \| Student Loan \| Loan delinquent 60-89 days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	3,973	5,720	5,523
Year 2	15,239	17,227	15,056
Year 3	23,359	20,077	14,433
Year 4	18,365	16,614	18,201
Year 5	10,921	15,482	16,697
After Year 5	68,878	75,897	77,595
Loan type	140,735	151,017	147,505
Consumer Portfolio Segment \| Student Loan \| Loan delinquent 90 days or greater past due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	1,683	1,678	1,710
Year 2	14,481	16,939	11,842
Year 3	20,147	21,470	14,872
Year 4	17,080	15,155	16,819
Year 5	12,632	16,150	16,107
After Year 5	75,912	79,383	74,040
Loan type	141,935	150,775	$ 135,390
Consumer Portfolio Segment \| Student Loan \| With and without cosigners
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	5,024,592	4,490,119
Year 2	5,321,510	5,088,739
Year 3	3,185,247	2,937,422
Year 4	2,069,436	1,819,089
Year 5	1,373,996	1,632,300
After Year 5	5,260,227	5,058,175
Loan type	$ 22,235,008	$ 21,025,844
% of Balance
Total in percent	100.00%	100.00%
Consumer Portfolio Segment \| Student Loan \| With cosigner
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 4,519,952	$ 3,903,676
Year 2	4,707,685	4,428,163
Year 3	2,741,871	2,516,380
Year 4	1,759,261	1,535,308
Year 5	1,151,751	1,378,699
After Year 5	4,642,019	4,529,768
Loan type	$ 19,522,539	$ 18,291,994
% of Balance
Private education loans	88.00%	87.00%
Consumer Portfolio Segment \| Student Loan \| Without cosigner
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 504,640	$ 586,443
Year 2	613,825	660,576
Year 3	443,376	421,042
Year 4	310,175	283,781
Year 5	222,245	253,601
After Year 5	618,208	528,407
Loan type	$ 2,712,469	$ 2,733,850
% of Balance
Private education loans	12.00%	13.00%
Consumer Portfolio Segment \| Student Loan \| FICO at Origination
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 5,024,592	$ 4,490,119
Year 2	5,321,510	5,088,739
Year 3	3,185,247	2,937,422
Year 4	2,069,436	1,819,089
Year 5	1,373,996	1,632,300
After Year 5	5,260,227	5,058,175
Loan type	$ 22,235,008	$ 21,025,844
% of Balance
Total in percent	100.00%	100.00%
Consumer Portfolio Segment \| Student Loan \| FICO at Origination \| Less than 670
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 293,025	$ 328,199
Year 2	394,962	395,526
Year 3	261,589	208,696
Year 4	155,661	118,935
Year 5	94,355	137,494
After Year 5	475,186	451,613
Loan type	$ 1,674,778	$ 1,640,463
% of Balance
Private Education Loans at origination	8.00%	8.00%
Consumer Portfolio Segment \| Student Loan \| FICO at Origination \| 670-699
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 615,617	$ 635,642
Year 2	753,548	704,642
Year 3	449,214	400,744
Year 4	285,181	254,762
Year 5	197,205	257,840
After Year 5	898,535	868,777
Loan type	$ 3,199,300	$ 3,122,407
% of Balance
Private Education Loans at origination	14.00%	15.00%
Consumer Portfolio Segment \| Student Loan \| FICO at Origination \| 700-749
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 1,525,547	$ 1,383,779
Year 2	1,641,641	1,586,783
Year 3	998,834	934,033
Year 4	660,373	590,401
Year 5	451,695	545,333
After Year 5	1,782,121	1,709,299
Loan type	$ 7,060,211	$ 6,749,628
% of Balance
Private Education Loans at origination	32.00%	32.00%
Consumer Portfolio Segment \| Student Loan \| FICO at Origination \| Greater than or equal to 750
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 2,590,403	$ 2,142,499
Year 2	2,531,359	2,401,788
Year 3	1,475,610	1,393,949
Year 4	968,221	854,991
Year 5	630,741	691,633
After Year 5	2,104,385	2,028,486
Loan type	$ 10,300,719	$ 9,513,346
% of Balance
Private Education Loans at origination	46.00%	45.00%
Consumer Portfolio Segment \| Student Loan \| FICO Refreshed
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 5,024,592	$ 4,490,119
Year 2	5,321,510	5,088,739
Year 3	3,185,247	2,937,422
Year 4	2,069,436	1,819,089
Year 5	1,373,996	1,632,300
After Year 5	5,260,227	5,058,175
Loan type	$ 22,235,008	$ 21,025,844
% of Balance
Total in percent	100.00%	100.00%
Consumer Portfolio Segment \| Student Loan \| FICO Refreshed \| Less than 670
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 453,705	$ 495,451
Year 2	666,049	638,381
Year 3	467,562	379,738
Year 4	301,367	217,956
Year 5	194,124	214,665
After Year 5	831,053	791,875
Loan type	$ 2,913,860	$ 2,738,066
% of Balance
Private Education Loans at origination	13.00%	13.00%
Consumer Portfolio Segment \| Student Loan \| FICO Refreshed \| 670-699
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 633,749	$ 616,684
Year 2	710,546	672,777
Year 3	409,808	365,674
Year 4	248,325	193,462
Year 5	138,730	176,963
After Year 5	578,639	564,245
Loan type	$ 2,719,797	$ 2,589,805
% of Balance
Private Education Loans at origination	12.00%	12.00%
Consumer Portfolio Segment \| Student Loan \| FICO Refreshed \| 700-749
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 1,485,771	$ 1,347,094
Year 2	1,512,643	1,477,310
Year 3	879,450	836,747
Year 4	563,941	498,414
Year 5	362,715	445,244
After Year 5	1,398,737	1,361,073
Loan type	$ 6,203,257	$ 5,965,882
% of Balance
Private Education Loans at origination	28.00%	28.00%
Consumer Portfolio Segment \| Student Loan \| FICO Refreshed \| Greater than or equal to 750
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 2,451,367	$ 2,030,890
Year 2	2,432,272	2,300,271
Year 3	1,428,427	1,355,263
Year 4	955,803	909,257
Year 5	678,427	795,428
After Year 5	2,451,798	2,340,982
Loan type	$ 10,398,094	$ 9,732,091
% of Balance
Private Education Loans at origination	47.00%	47.00%
Consumer Portfolio Segment \| Student Loan \| Seasoning
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 5,024,592	$ 4,490,119
Year 2	5,321,510	5,088,739
Year 3	3,185,247	2,937,422
Year 4	2,069,436	1,819,089
Year 5	1,373,996	1,632,300
After Year 5	5,260,227	5,058,175
Loan type	$ 22,235,008	$ 21,025,844
% of Balance
Total in percent	100.00%	100.00%
Consumer Portfolio Segment \| Student Loan \| Seasoning \| 1-12 payments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 2,860,113	$ 2,514,079
Year 2	774,471	740,450
Year 3	499,812	440,293
Year 4	280,154	245,631
Year 5	159,762	208,941
After Year 5	324,506	332,608
Loan type	$ 4,898,818	$ 4,482,002
% of Balance
Seasoning based on monthly scheduled payments due from 1-12 payments	22.00%	21.00%
Consumer Portfolio Segment \| Student Loan \| Seasoning \| 13-24 payments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 0	$ 0
Year 2	2,729,334	2,675,956
Year 3	372,496	303,045
Year 4	191,989	167,532
Year 5	122,938	165,577
After Year 5	340,556	384,760
Loan type	$ 3,757,313	$ 3,696,870
% of Balance
Seasoning based on monthly scheduled payments due from 13 - 24 payments	17.00%	18.00%
Consumer Portfolio Segment \| Student Loan \| Seasoning \| 25-36 payments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 0	$ 0
Year 2	0	0
Year 3	1,564,157	1,524,834
Year 4	254,068	195,091
Year 5	110,952	129,571
After Year 5	429,127	456,448
Loan type	$ 2,358,304	$ 2,305,944
% of Balance
Seasoning based on monthly scheduled payments due from 25 - 36 payments	11.00%	11.00%
Consumer Portfolio Segment \| Student Loan \| Seasoning \| 37-48 payments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 0	$ 0
Year 2	0	0
Year 3	0	0
Year 4	987,977	902,938
Year 5	170,051	208,521
After Year 5	451,494	446,350
Loan type	$ 1,609,522	$ 1,557,809
% of Balance
Seasoning based on monthly scheduled payments due from 37 - 48 payments	7.00%	7.00%
Consumer Portfolio Segment \| Student Loan \| Seasoning \| More than 48 payments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 0	$ 0
Year 2	0	0
Year 3	0	0
Year 4	0	116
Year 5	625,916	706,097
After Year 5	3,262,308	2,985,015
Loan type	$ 3,888,224	$ 3,691,228
% of Balance
Seasoning based on monthly scheduled payments due from more than 48 payments	17.00%	18.00%
Consumer Portfolio Segment \| Student Loan \| Seasoning \| Not yet in repayment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 2,164,479	$ 1,976,040
Year 2	1,817,705	1,672,333
Year 3	748,782	669,250
Year 4	355,248	307,781
Year 5	184,377	213,593
After Year 5	452,236	452,994
Loan type	$ 5,722,827	$ 5,291,991
% of Balance
Seasoning based on monthly scheduled payments due from not yet in repayment	26.00%	25.00%

Borrowings - Securities Financing Transactions (Details) - Private Education Loans - USD ($) $ in Thousands	Jun. 28, 2024	Apr. 11, 2024	Apr. 09, 2024	Mar. 13, 2024	Nov. 07, 2023	May 24, 2023
2023-B ABS transaction
Line of Credit Facility [Line Items]
Loans Transferred to the Trust by Third-Party Seller						$ 1,988,277
Additional Loans the Bank Transferred to the Trust						104,743
Gain on Sale for Additional Loans Transferred by Bank						$ 5,391
2023-D ABS transaction
Line of Credit Facility [Line Items]
Loans Transferred to the Trust by Third-Party Seller					$ 995,184
Additional Loans the Bank Transferred to the Trust					52,572
Gain on Sale for Additional Loans Transferred by Bank					$ 1,570
2024-A ABS transaction
Line of Credit Facility [Line Items]
Loans Transferred to the Trust by Third-Party Seller				$ 1,988,248
Additional Loans the Bank Transferred to the Trust				104,748
Gain on Sale for Additional Loans Transferred by Bank				$ 6,685
2024-R1 ABS transaction
Line of Credit Facility [Line Items]
Loans Transferred to the Trust by Third-Party Seller			$ 68,896
Additional Loans the Bank Transferred to the Trust			0
Gain on Sale for Additional Loans Transferred by Bank			$ 0
2024-B ABS transaction
Line of Credit Facility [Line Items]
Loans Transferred to the Trust by Third-Party Seller		$ 191,445
Additional Loans the Bank Transferred to the Trust		10,132
Gain on Sale for Additional Loans Transferred by Bank		$ 35
2024-D ABS transaction
Line of Credit Facility [Line Items]
Loans Transferred to the Trust by Third-Party Seller	$ 1,494,953
Additional Loans the Bank Transferred to the Trust	78,782
Gain on Sale for Additional Loans Transferred by Bank	$ 6,051

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating activities
Net income	$ 608,325	$ 581,391	$ 469,014
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Provisions for credit losses	408,515	345,463	633,453
Deferred tax provision (benefit)	(34,327)	(23,224)	(93,670)
Amortization of brokered deposit placement fee	10,529	11,681	12,904
Amortization of Secured Borrowing Facility upfront fee	2,359	2,869	2,634
Amortization of deferred loan origination costs and loan premium/(discounts), net	12,883	12,583	14,804
Net amortization of discount on investments	(1,772)	(2,726)	103
Reduction of tax indemnification receivable	0	2,816	5,231
Depreciation of premises and equipment	17,652	17,811	17,331
Acquired intangible assets impairment and amortization expense	5,329	66,364	7,779
Stock-based compensation expense	39,996	36,380	34,461
Unrealized (gains) losses on derivative and hedging activities, net	65	(341)	269
Gains on sale of loans, net	(254,928)	(160,290)	(327,750)
(Gains) losses on securities, net	(467)	(2,678)	60,267
Acquisition transaction costs, net	0	952	2,603
Other adjustments to net income, net	12,563	16,212	14,213
Changes in operating assets and liabilities:
Increase in accrued interest receivable	(1,110,434)	(1,054,071)	(819,958)
Increase in trading investments	0	0	(5,117)
Increase in non-marketable securities	(11,336)	(1,256)	(2,050)
(Increase) decrease in other interest-earning assets	4,349	1,933	(1,507)
Increase in other assets	(6,531)	(38,902)	(23,472)
Increase (decrease) in income tax payable, net	(20,408)	36,723	(15,063)
Increase (decrease) in accrued interest payable	3,423	33,480	24,986
Increase (decrease) in other liabilities	(15,180)	(27,807)	(6,473)
Total adjustments	(937,720)	(726,028)	(464,022)
Total net cash (used in) provided by operating activities	(329,395)	(144,637)	4,992
Investing activities
Loans acquired and originated	(7,064,230)	(6,452,199)	(6,081,389)
Net proceeds from sales of loans held for investment and loans held for sale	4,246,602	3,198,502	3,459,527
Proceeds from FFELP Loan claim payments	27,579	50,145	33,197
Net decrease in loans held for investment and loans held for sale (other than loans acquired and originated, and loan sales)	2,725,473	3,046,064	3,586,825
Purchases of available-for-sale securities	(91,881)	(105,970)	(753,129)
Proceeds from sales and maturities of available-for-sale securities	832,450	265,652	960,015
Purchase of subsidiary, net of cash acquired	0	(14,654)	(127,654)
Total net cash provided by (used in) investing activities	675,993	(12,460)	1,077,392
Financing activities
Brokered deposit placement fee	(7,975)	(7,841)	(11,170)
Net increase in certificates of deposit	88,444	953,412	130,109
Net increase (decrease) in other deposits	(687,108)	(770,485)	570,147
Borrowings collateralized by loans in securitization trusts - issued	2,206,704	1,135,036	572,640
Borrowings collateralized by loans in securitization trusts - repaid	(1,004,117)	(1,154,269)	(1,278,183)
Fees paid on Secured Borrowing Facility	(2,357)	(2,868)	(2,833)
Preferred stock dividends paid	(18,296)	(17,705)	(9,029)
Common stock dividends paid	(99,172)	(101,233)	(112,961)
Common stock repurchased	(247,968)	(350,264)	(713,197)
Net cash provided by (used in) financing activities	228,155	(316,232)	(854,892)
Net increase (decrease) in cash, cash equivalents and restricted cash	574,753	(473,329)	227,492
Cash, cash equivalents and restricted cash at beginning of year	4,299,507	4,772,836	4,545,344
Cash, cash equivalents and restricted cash at end of year	4,874,260	4,299,507	4,772,836
Cash disbursements made for:
Interest	1,109,084	963,260	482,974
Income taxes paid	243,341	191,690	272,940
Income taxes refunded	(1,395)	(8,201)	(2,043)
Reconciliation of the Consolidated Statements of Cash Flows to the Consolidated Balance Sheets:
Cash and cash equivalents	4,700,366	4,149,838	4,616,117
Restricted cash	173,894	149,669	156,719
Total cash, cash equivalents and restricted cash	4,874,260	4,299,507	4,772,836
Supplemental non-cash operating and investing activities:
Accrued interest capitalized during the period	632,504	632,649	589,725
Trading investments received in consideration for loans sold	5,218	5,327	16,477
Available-for-sale investments received in consideration for loans sold	210,371	162,256	222,663
Collateralized Securities
Financing activities
Issuance costs for unsecured debt offering	0	(15)	(40)
Unsecured Debt
Financing activities
Issuance costs for unsecured debt offering	$ 0	$ 0	$ (375)

Deposits - Interest Bearing Deposits (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Interest-bearing Deposit Liabilities, Domestic, by Component [Abstract]
Money market	$ 9,582,290	$ 10,258,292
Savings	944,034	945,000
Certificates of deposit	10,540,428	10,448,365
Deposits - interest-bearing	$ 21,066,752	$ 21,651,657
Year-End Weighted Average Stated Rate
Money market	4.27%	4.85%
Savings	4.02%	4.35%
Certificates of deposit	4.20%	3.69%

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands, shares in Millions	Dec. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Trading investments, cost	$ 41,715	$ 43,412
Available-for sale investments at fair value, cost	2,042,473	2,563,984
Allowance for loan losses	$ 1,435,920	$ 1,339,772
Preferred stock, par or stated value (in dollars per share)	$ 0.20	$ 0.20
Preferred stock, shares authorized (in shares)	20.0	20.0
Preferred stock, shares issued (in shares)	2.5	2.5
Preferred stock liquidation preference (in dollars per share)	$ 100	$ 100
Common stock, par value (in dollars per share)	$ 0.20	$ 0.20
Common stock, shares authorized (in shares)	1,125.0	1,125.0
Common stock, shares issued (in shares)	440.6	438.2
Tax benefit on accumulated other comprehensive loss	$ 21,209	$ 24,176
Common stock held in treasury (in shares)	230.2	217.9

Allowance for Credit Losses and Unfunded Loan Commitments (Tables)

12 Months Ended

Dec. 31, 2024

Receivables [Abstract]

Schedule of Allowance for Credit Losses and Recorded Investments in Loans

The following table summarizes our Private Education Loan sales to unaffiliated third parties for the periods presented.


Years Ended December 31, (dollars in millions)	2024		2023		2022
Loan principal	$	3,418	$	2,927	$	3,126
Capitalized interest	274		226		217
Total Private Education Loans sold	$	3,692	$	3,153	$	3,343

Gain on sale of loans, net	$	255	$	164	$	328

Allowance for Credit Losses Metrics

The following tables provide a summary of the activity in the allowance for loan losses and the allowance for unfunded loan commitments during the years ended December 31, 2024, 2023, and 2022.


Year Ended December 31, 2024 (dollars in thousands)	FFELP Loans			Private Education Loans			Total
Allowance for loan losses, beginning balance	$	4,667		$	1,335,105		$	1,339,772
Transfer from allowance for unfunded loan commitments	—			311,787			311,787
Provisions:
Provision for current period	4,010			357,067			361,077
Loan sale reduction to provision	—			(235,955)			(235,955)

Total provisions(1)	4,010			121,112			125,122
Net charge-offs:
Charge-offs	(380)			(376,840)			(377,220)
Recoveries	—			44,756			44,756
Net charge-offs	(380)			(332,084)			(332,464)
Write-downs arising from transfer of loans to held for sale(2)	(8,297)			—			(8,297)
Allowance for loan losses, ending balance	—			1,435,920			1,435,920
Allowance for unfunded loan commitments, beginning balance(3)	—			112,962			112,962
Provision(1)(4)	—			283,393			283,393
Transfer to allowance for loan losses	—			(311,787)			(311,787)
Allowance for unfunded loan commitments, ending balance(3)	—			84,568			84,568
Total allowance for credit losses, ending balance	$	—		$	1,520,488		$	1,520,488

Net charge-offs as a percentage of average loans in repayment(5)	—		%	2.19		%
Allowance for loan losses coverage of net charge-offs	—			4.32
Total allowance for credit losses as a percentage of the ending total loan balance, plus unfunded loan commitments and total accrued interest receivable	—		%	5.83		%

Ending total loans, gross	$	—		$	22,235,008
Average loans in repayment(5)	$	—		$	15,139,184
Ending loans in repayment(5)	$	—		$	16,106,751
Unfunded loan commitments	$	—		$	2,311,660
Total accrued interest receivable	$	—		$	1,549,415

(1) See “— Provisions for Credit Losses” below in this Note 6 for a reconciliation of the provisions for credit losses reported in the consolidated statements of income.

(2) Represents fair value adjustments on loans transferred to held for sale.

(4) Includes incremental provision for new commitments and changes to provision for existing commitments.


Year Ended December 31, 2023 (dollars in thousands)	FFELP Loans			Private Education Loans			Total
Allowance for loan losses, beginning balance	$	3,444		$	1,353,631		$	1,357,075
Transfer from allowance for unfunded loan commitments	—			320,237			320,237
Provisions:
Provision for current period	2,224			240,347			242,571
Loan sale reduction to provision	—			(205,383)			(205,383)

Total provisions(1)	2,224			34,964			37,188
Net charge-offs:
Charge-offs	(1,001)			(420,095)			(421,096)
Recoveries	—			46,368			46,368
Net charge-offs	(1,001)			(373,727)			(374,728)

Allowance for loan losses, ending balance	4,667			1,335,105			1,339,772
Allowance for unfunded loan commitments, beginning balance(2)	—			124,924			124,924
Provision(1)(3)	—			308,275			308,275
Transfer to allowance for loan losses	—			(320,237)			(320,237)
Allowance for unfunded loan commitments, ending balance(2)	—			112,962			112,962
Total allowance for credit losses, ending balance	$	4,667		$	1,448,067		$	1,452,734

Net charge-offs as a percentage of average loans in repayment(4)	0.23		%	2.44		%
Allowance for loan losses coverage of net charge-offs	4.66			3.57
Total allowance for credit losses as a percentage of the ending total loan balance, plus unfunded loan commitments and total accrued interest receivable	0.87		%	5.89		%

Ending total loans, gross	$	537,401		$	21,025,844
Average loans in repayment(4)	$	433,225		$	15,310,934
Ending loans in repayment(4)	$	406,568		$	15,409,814
Unfunded loan commitments	$	—		$	2,221,077
Total accrued interest receivable	$	—		$	1,354,565

(1) See “— Provisions for Credit Losses” below in this Note 6 for a reconciliation of the provisions for credit losses reported in the consolidated statements of income.

(3) Includes incremental provision for new commitments and changes to provision for existing commitments.


Year Ended December 31, 2022 (dollars in thousands)	FFELP Loans			Private Education Loans			Credit Cards			Total
Allowance for loan losses, beginning balance	$	4,077		$	1,158,977		$	2,281		$	1,165,335
Transfer from allowance for unfunded loan commitments	—			344,310			—			344,310
Provisions:
Provision for current period	(20)			410,254			3,301			413,535
Loan sale reduction to provision	—			(174,231)			—			(174,231)
Loans transferred to held-for-sale	—			—			(2,372)			(2,372)
Total provisions(1)	(20)			236,023			929			236,932
Net charge-offs:
Charge-offs	(613)			(427,416)			(3,215)			(431,244)
Recoveries	—			41,737			5			41,742
Net charge-offs	(613)			(385,679)			(3,210)			(389,502)

Allowance for loan losses, ending balance	3,444			1,353,631			—			1,357,075
Allowance for unfunded loan commitments, beginning balance(2)	—			72,713			—			72,713
Provision(1)(3)	—			396,521			—			396,521
Transfer to allowance for loan losses	—			(344,310)			—			(344,310)
Allowance for unfunded loan commitments, ending balance(2)	—			124,924			—			124,924
Total allowance for credit losses, ending balance	$	3,444		$	1,478,555		$	—		$	1,481,999

Net charge-offs as a percentage of average loans in repayment(4)	0.12		%	2.55		%	—		%
Allowance for loan losses coverage of net charge-offs	5.62			3.51			—
Total allowance for credit losses as a percentage of the ending total loan balance, plus unfunded loan commitments and total accrued interest receivable	0.57		%	6.30		%	—		%

Ending total loans, gross	$	609,050		$	20,303,688		$	—
Average loans in repayment(4)	$	517,139		$	15,103,123		$	—
Ending loans in repayment(4)	$	453,915		$	15,129,550		$	—
Unfunded loan commitments	$	—		$	1,995,808		$	—
Total accrued interest receivable	$	—		$	1,177,562		$	—

(1) See “— Provisions for Credit Losses” below in this Note 6 for a reconciliation of the provisions for credit losses reported in the consolidated statements of income.

(3) Includes incremental provision for new commitments and changes to provision for existing commitments.

Provisions for Credit Losses

Below is a reconciliation of the provisions for credit losses reported in the consolidated statements of income.


Consolidated Statements of Income Provisions for Credit Losses Reconciliation

Years Ended December 31,
(dollars in thousands)	2024		2023		2022
Private Education Loan provisions for credit losses:
Provisions for loan losses	$	121,112	$	34,964	$	236,023
Provisions for unfunded loan commitments	283,393		308,275		396,521
Total Private Education Loan provisions for credit losses	404,505		343,239		632,544
Other impacts to the provisions for credit losses:
FFELP Loans	4,010		2,224		(20)
Credit Cards	—		—		929
Total	4,010		2,224		909
Provisions for credit losses reported in consolidated statements of income	$	408,515	$	345,463	$	633,453


Years Ended December 31, (dollars in thousands)	2024				2023				2022
	Allowance		Unfunded Commitments		Allowance		Unfunded Commitments		Allowance		Unfunded Commitments

Beginning Balance	$	112,962	$	2,221,077	$	124,924	$	1,995,808	$	72,713	$	1,776,976
Provision/New commitments - net(1)	283,393		7,103,832		308,275		6,602,803		396,521		6,180,805
Transfer - funded loans(2)	(311,787)		(7,013,249)		(320,237)		(6,377,534)		(344,310)		(5,961,973)
Ending Balance	$	84,568	$	2,311,660	$	112,962	$	2,221,077	$	124,924	$	1,995,808

(1) Net of expirations of commitments unused. Also includes incremental provision for new commitments and changes to provision for existing commitments.

Schedule of Amortized Cost Basis of Financing Receivables


	Loan Modifications Made to Borrowers Experiencing Financial Difficulty
Year Ended December 31, 2024 (dollars in thousands)	Interest Rate Reduction				Combination - Interest Rate Reduction and Term Extension
Loan Type:	Amortized Cost Basis		% of Total Class of Financing Receivable		Amortized Cost Basis		% of Total Class of Financing Receivable
Private Education Loans	$	31,966	0.13	%	$	1,003,089	4.20	%
Total	$	31,966	0.13	%	$	1,003,089	4.20	%


	Loan Modifications Made to Borrowers Experiencing Financial Difficulty
Year Ended December 31, 2023 (dollars in thousands)	Interest Rate Reduction				Combination - Interest Rate Reduction and Term Extension
Loan Type:	Amortized Cost Basis		% of Total Class of Financing Receivable		Amortized Cost Basis		% of Total Class of Financing Receivable
Private Education Loans	$	48,637	0.22	%	$	331,889	1.48	%
Total	$	48,637	0.22	%	$	331,889	1.48	%

The following tables describe the financial effect of the modifications made to loans whose borrowers are experiencing financial difficulty:

Year Ended December 31, 2024

Interest Rate Reduction

Combination - Interest Rate
Reduction and Term Extension

Loan Type

Financial Effect

Loan Type

Financial Effect

Private Education Loans

Reduced average contractual rate from 13.22% to 3.79%

Private Education Loans

Added a weighted average 9.23 years to the life of loans

Reduced average contractual rate from 12.71% to 3.66%

Year Ended December 31, 2023

Interest Rate Reduction

Combination - Interest Rate
Reduction and Term Extension

Loan Type

Financial Effect

Loan Type

Financial Effect

Private Education Loans

Reduced average contractual rate from 13.37% to 4.00%

Private Education Loans

Added a weighted average 10.20 years to the life of loans

Reduced average contractual rate from 12.92% to 4.00%

Financing Receivable, Modified, Subsequent Default

The following two tables do not include loans that received a permanent term extension with no interest rate reduction during the fourth quarter of 2023, which are described earlier in this Note 6.



	Year Ended December 31, 2024				Year Ended December 31, 2023
(Dollars in thousands)	Defaulted Amount		Period-end Amortized Cost Basis		Defaulted Amount		Period-end Amortized Cost Basis
Loan Type:
Private Education Loans
Interest Rate Reduction	$	6,460	$	4,621	$	4,521	$	4,174
Combination - Interest Rate Reduction and Term Extension	143,300		114,307		26,341		24,798
Total	$	149,760	$	118,928	$	30,862	$	28,972

Age Analysis of Past Due Loans Delinquencies

The following table depicts the performance of loans that have been modified during the respective reporting periods (the twelve months ended December 31, 2024 and 2023, respectively).


	Twelve Months Ended December 31, 2024				Twelve Months Ended December 31, 2023
(Dollars in thousands)	Balance		%		Balance		%
Payment Status (Amortized Cost Basis)(1):
Loan modifications in deferment(2)	$	33,645			$	6,843
Loan modifications in repayment:
Loans current(3)(4)	826,007		83	%	334,967		90	%
Loans delinquent 30-59 days(3)(4)	77,446		8	%	17,205		4	%
Loans delinquent 60-89 days(3)(4)	43,484		4	%	7,689		2	%
Loans 90 days or greater past due(3)(4)	54,473		5	%	13,822		4	%
Total loan modifications in repayment	1,001,410		100	%	373,683		100	%
Total Private Education Loan modifications	$	1,035,055			$	380,526

(4)The period of delinquency is based on the number of days scheduled payments are contractually past due.

Delinquencies - Private Education Loans Held for Investment


	Private Education Loans Held for Investment - Delinquencies by Origination Approval Vintage
As of December 31, 2024 (dollars in thousands)	2024			2023			2022			2021			2020			2019 and Prior			Total

Loans in-school/grace/deferment(1)	$	2,164,479		$	1,817,705		$	748,782		$	355,248		$	184,377		$	452,236		$	5,722,827





Loans in forbearance(2)	19,984			124,728			87,961			52,686			31,575			88,496			405,430
Loans in repayment:
Loans current	2,820,940			3,312,916			2,259,455			1,590,812			1,107,189			4,422,021			15,513,333
Loans delinquent 30-59 days(3)	13,533			36,441			45,543			35,245			27,302			152,684			310,748
Loans delinquent 60-89 days(3)	3,973			15,239			23,359			18,365			10,921			68,878			140,735
Loans 90 days or greater past due(3)	1,683			14,481			20,147			17,080			12,632			75,912			141,935
Total Private Education Loans in repayment	2,840,129			3,379,077			2,348,504			1,661,502			1,158,044			4,719,495			16,106,751
Total Private Education Loans, gross	5,024,592			5,321,510			3,185,247			2,069,436			1,373,996			5,260,227			22,235,008
Private Education Loans deferred origination costs and unamortized premium/(discount)	47,659			25,599			10,788			6,142			4,057			8,825			103,070
Total Private Education Loans	5,072,251			5,347,109			3,196,035			2,075,578			1,378,053			5,269,052			22,338,078
Private Education Loans allowance for losses	(258,235)			(326,207)			(234,532)			(150,324)			(90,600)			(376,022)			(1,435,920)
Private Education Loans, net	$	4,814,016		$	5,020,902		$	2,961,503		$	1,925,254		$	1,287,453		$	4,893,030		$	20,902,158

Percentage of Private Education Loans in repayment	56.5		%	63.5		%	73.7		%	80.3		%	84.3		%	89.7		%	72.4		%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment	0.7		%	2.0		%	3.8		%	4.3		%	4.4		%	6.3		%	3.7		%

Loans in forbearance as a percentage of loans in repayment and forbearance	0.7		%	3.6		%	3.6		%	3.1		%	2.7		%	1.8		%	2.5		%

(3)The period of delinquency is based on the number of days scheduled payments are contractually past due.


	Private Education Loans Held for Investment - Delinquencies by Origination Approval Vintage
As of December 31, 2023 (dollars in thousands)	2023			2022			2021			2020			2019			2018 and Prior			Total

Loans in-school/grace/deferment(1)	$	1,976,040		$	1,672,333		$	669,250		$	307,781		$	213,593		$	452,994		$	5,291,991





Loans in forbearance(2)	19,265			93,079			58,438			35,450			31,818			85,989			324,039
Loans in repayment:
Loans current	2,469,817			3,254,534			2,131,040			1,416,069			1,323,825			4,213,986			14,809,271
Loans delinquent 30-59 days(3)	17,599			34,627			37,147			28,020			31,432			149,926			298,751
Loans delinquent 60-89 days(3)	5,720			17,227			20,077			16,614			15,482			75,897			151,017
Loans 90 days or greater past due(3)	1,678			16,939			21,470			15,155			16,150			79,383			150,775
Total Private Education Loans in repayment	2,494,814			3,323,327			2,209,734			1,475,858			1,386,889			4,519,192			15,409,814
Total Private Education Loans, gross	4,490,119			5,088,739			2,937,422			1,819,089			1,632,300			5,058,175			21,025,844
Private Education Loans deferred origination costs and unamortized premium/(discount)	35,616			18,556			9,465			5,809			3,556			8,552			81,554
Total Private Education Loans	4,525,735			5,107,295			2,946,887			1,824,898			1,635,856			5,066,727			21,107,398
Private Education Loans allowance for losses	(269,642)			(335,090)			(194,104)			(118,755)			(100,111)			(317,403)			(1,335,105)
Private Education Loans, net	$	4,256,093		$	4,772,205		$	2,752,783		$	1,706,143		$	1,535,745		$	4,749,324		$	19,772,293

Percentage of Private Education Loans in repayment	55.6		%	65.3		%	75.2		%	81.1		%	85.0		%	89.3		%	73.3		%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment	1.0		%	2.1		%	3.6		%	4.1		%	4.5		%	6.8		%	3.9		%

Loans in forbearance as a percentage of loans in repayment and forbearance	0.8		%	2.7		%	2.6		%	2.3		%	2.2		%	1.9		%	2.1		%

(3)The period of delinquency is based on the number of days scheduled payments are contractually past due.


	Private Education Loans Held for Investment - Delinquencies by Origination Approval Vintage
As of December 31, 2022 (dollars in thousands)	2022			2021			2020			2019			2018			2017 and Prior			Total

Loans in-school/grace/deferment(1)	$	1,827,649		$	1,433,322		$	578,253		$	380,639		$	219,280		$	455,910		$	4,895,053





Loans in forbearance(2)	16,046			64,360			38,613			37,802			30,583			91,681			279,085
Loans in repayment:
Loans current	2,411,441			2,991,839			1,907,574			1,683,986			1,301,809			4,262,698			14,559,347
Loans delinquent 30-59 days(3)	14,164			30,740			30,877			35,213			31,366			144,948			287,308
Loans delinquent 60-89 days(3)	5,523			15,056			14,433			18,201			16,697			77,595			147,505
Loans 90 days or greater past due(3)	1,710			11,842			14,872			16,819			16,107			74,040			135,390
Total Private Education Loans in repayment	2,432,838			3,049,477			1,967,756			1,754,219			1,365,979			4,559,281			15,129,550
Total Private Education Loans, gross	4,276,533			4,547,159			2,584,622			2,172,660			1,615,842			5,106,872			20,303,688
Private Education Loans deferred origination costs and unamortized premium/(discount)	26,714			15,933			9,062			5,496			3,575			8,876			69,656
Total Private Education Loans	4,303,247			4,563,092			2,593,684			2,178,156			1,619,417			5,115,748			20,373,344
Private Education Loans allowance for losses	(304,943)			(323,506)			(181,915)			(141,424)			(101,023)			(300,820)			(1,353,631)
Private Education Loans, net	$	3,998,304		$	4,239,586		$	2,411,769		$	2,036,732		$	1,518,394		$	4,814,928		$	19,019,713

Percentage of Private Education Loans in repayment	56.9		%	67.1		%	76.1		%	80.7		%	84.5		%	89.3		%	74.5		%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment	0.9		%	1.9		%	3.1		%	4.0		%	4.7		%	6.5		%	3.8		%

Loans in forbearance as a percentage of loans in repayment and forbearance	0.7		%	2.1		%	1.9		%	2.1		%	2.2		%	2.0		%	1.8		%

(3)The period of delinquency is based on the number of days scheduled payments are contractually past due.

Schedule of Private Education Loan Portfolio Stratified by Key Credit Quality Indicators

The following tables highlight the gross principal balance of our Private Education Loan portfolio (held for investment), by year of origination approval/first disbursement, stratified by key credit quality indicators.


As of December 31, 2024 (dollars in thousands)	Private Education Loans Held for Investment - Credit Quality Indicators
Year of Origination Approval	2024(1)		2023(1)		2022(1)		2021(1)		2020(1)		2019 and Prior(1)		Total(1)		% of Balance

Cosigners:
With cosigner	$	4,519,952	$	4,707,685	$	2,741,871	$	1,759,261	$	1,151,751	$	4,642,019	$	19,522,539	88	%
Without cosigner	504,640		613,825		443,376		310,175		222,245		618,208		2,712,469		12
Total	$	5,024,592	$	5,321,510	$	3,185,247	$	2,069,436	$	1,373,996	$	5,260,227	$	22,235,008	100	%

FICO at Origination Approval(2):
Less than 670	$	293,025	$	394,962	$	261,589	$	155,661	$	94,355	$	475,186	$	1,674,778	8	%
670-699	615,617		753,548		449,214		285,181		197,205		898,535		3,199,300		14
700-749	1,525,547		1,641,641		998,834		660,373		451,695		1,782,121		7,060,211		32
Greater than or equal to 750	2,590,403		2,531,359		1,475,610		968,221		630,741		2,104,385		10,300,719		46
Total	$	5,024,592	$	5,321,510	$	3,185,247	$	2,069,436	$	1,373,996	$	5,260,227	$	22,235,008	100	%

FICO Refreshed(2)(3):
Less than 670	$	453,705	$	666,049	$	467,562	$	301,367	$	194,124	$	831,053	$	2,913,860	13	%
670-699	633,749		710,546		409,808		248,325		138,730		578,639		2,719,797		12
700-749	1,485,771		1,512,643		879,450		563,941		362,715		1,398,737		6,203,257		28
Greater than or equal to 750	2,451,367		2,432,272		1,428,427		955,803		678,427		2,451,798		10,398,094		47
Total	$	5,024,592	$	5,321,510	$	3,185,247	$	2,069,436	$	1,373,996	$	5,260,227	$	22,235,008	100	%

Seasoning(4):
1-12 payments	$	2,860,113	$	774,471	$	499,812	$	280,154	$	159,762	$	324,506	$	4,898,818	22	%
13-24 payments	—		2,729,334		372,496		191,989		122,938		340,556		3,757,313		17
25-36 payments	—		—		1,564,157		254,068		110,952		429,127		2,358,304		11
37-48 payments	—		—		—		987,977		170,051		451,494		1,609,522		7
More than 48 payments	—		—		—		—		625,916		3,262,308		3,888,224		17
Not yet in repayment	2,164,479		1,817,705		748,782		355,248		184,377		452,236		5,722,827		26
Total	$	5,024,592	$	5,321,510	$	3,185,247	$	2,069,436	$	1,373,996	$	5,260,227	$	22,235,008	100	%

2024 Current period(5) gross charge-offs	$	(1,826)	$	(29,094)	$	(68,454)	$	(53,697)	$	(37,318)	$	(186,451)	$	(376,840)
2024 Current period(5) recoveries	117		2,191		6,487		5,771		3,840		26,350		44,756
2024 Current period(5) net charge-offs	$	(1,709)	$	(26,903)	$	(61,967)	$	(47,926)	$	(33,478)	$	(160,101)	$	(332,084)

Total accrued interest by origination approval vintage	$	195,291	$	484,531	$	325,962	$	197,504	$	106,565	$	239,562	$	1,549,415
(1)Balance represents gross Private Education Loans held for investment. (2)Represents the higher credit score of the cosigner or the borrower. (3)Represents the FICO score updated as of the fourth-quarter 2024. (4)Number of months in active repayment (whether interest only payment, fixed payment, or full principal and interest payment status) for which a scheduled payment was due. (5)Current period refers to period from January 1, 2024 through December 31, 2024.


As of December 31, 2023 (dollars in thousands)	Private Education Loans Held for Investment - Credit Quality Indicators
Year of Origination Approval	2023(1)		2022(1)		2021(1)		2020(1)		2019(1)		2018 and Prior(1)		Total(1)		% of Balance

Cosigners:
With cosigner	$	3,903,676	$	4,428,163	$	2,516,380	$	1,535,308	$	1,378,699	$	4,529,768	$	18,291,994	87	%
Without cosigner	586,443		660,576		421,042		283,781		253,601		528,407		2,733,850		13
Total	$	4,490,119	$	5,088,739	$	2,937,422	$	1,819,089	$	1,632,300	$	5,058,175	$	21,025,844	100	%

FICO at Origination Approval(2):
Less than 670	$	328,199	$	395,526	$	208,696	$	118,935	$	137,494	$	451,613	$	1,640,463	8	%
670-699	635,642		704,642		400,744		254,762		257,840		868,777		3,122,407		15
700-749	1,383,779		1,586,783		934,033		590,401		545,333		1,709,299		6,749,628		32
Greater than or equal to 750	2,142,499		2,401,788		1,393,949		854,991		691,633		2,028,486		9,513,346		45
Total	$	4,490,119	$	5,088,739	$	2,937,422	$	1,819,089	$	1,632,300	$	5,058,175	$	21,025,844	100	%

FICO Refreshed(2)(3):
Less than 670	$	495,451	$	638,381	$	379,738	$	217,956	$	214,665	$	791,875	$	2,738,066	13	%
670-699	616,684		672,777		365,674		193,462		176,963		564,245		2,589,805		12
700-749	1,347,094		1,477,310		836,747		498,414		445,244		1,361,073		5,965,882		28
Greater than or equal to 750	2,030,890		2,300,271		1,355,263		909,257		795,428		2,340,982		9,732,091		47
Total	$	4,490,119	$	5,088,739	$	2,937,422	$	1,819,089	$	1,632,300	$	5,058,175	$	21,025,844	100	%

Seasoning(4):
1-12 payments	$	2,514,079	$	740,450	$	440,293	$	245,631	$	208,941	$	332,608	$	4,482,002	21	%
13-24 payments	—		2,675,956		303,045		167,532		165,577		384,760		3,696,870		18
25-36 payments	—		—		1,524,834		195,091		129,571		456,448		2,305,944		11
37-48 payments	—		—		—		902,938		208,521		446,350		1,557,809		7
More than 48 payments	—		—		—		116		706,097		2,985,015		3,691,228		18
Not yet in repayment	1,976,040		1,672,333		669,250		307,781		213,593		452,994		5,291,991		25
Total	$	4,490,119	$	5,088,739	$	2,937,422	$	1,819,089	$	1,632,300	$	5,058,175	$	21,025,844	100	%

2023 Current period(5) gross charge-offs	$	(1,812)	$	(31,032)	$	(70,331)	$	(49,624)	$	(50,585)	$	(216,711)	$	(420,095)
2023 Current period(5) recoveries	172		2,342		6,496		4,923		5,260		27,175		46,368
2023 Current period(5) net charge-offs	$	(1,640)	$	(28,690)	$	(63,835)	$	(44,701)	$	(45,325)	$	(189,536)	$	(373,727)

Total accrued interest by origination approval vintage	$	177,959	$	408,800	$	269,978	$	152,094	$	116,618	$	229,116	$	1,354,565
(1)Balance represents gross Private Education Loans held for investment. (2)Represents the higher credit score of the cosigner or the borrower. (3)Represents the FICO score updated as of the fourth-quarter 2023. (4)Number of months in active repayment (whether interest only payment, fixed payment, or full principal and interest payment status) for which a scheduled payment was due. (5)Current period refers to period from January 1, 2023 through December 31, 2023.

Schedule of Accrued Interest Receivable


	Private Education Loans
	Accrued Interest Receivable
(Dollars in thousands)	Total Interest Receivable		90 Days or Greater Past Due		Allowance for Uncollectible Interest(1)

December 31, 2024	$	1,549,415	$	6,420	$	12,366
December 31, 2023	$	1,354,565	$	8,373	$	9,897

Investments (Tables)

12 Months Ended

Dec. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of Amortized Cost and Fair Value of Securities Available-for-Sale

The amortized cost and fair value of securities available for sale are as follows:


As of December 31, 2024 (dollars in thousands)	Amortized Cost		Allowance for credit losses(1)		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Available for sale:
Mortgage-backed securities	$	516,358	$	—	$	205	$	(73,235)	$	443,328
Utah Housing Corporation bonds	2,849		—		—		(490)		2,359
U.S. government-sponsored enterprises and Treasuries	948,009		—		—		(32,265)		915,744
Other securities	575,257		—		8,633		(12,095)		571,795
Total	$	2,042,473	$	—	$	8,838	$	(118,085)	$	1,933,226

As of December 31, 2023 (dollars in thousands)	Amortized Cost		Allowance for credit losses(1)		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Available for sale:
Mortgage-backed securities	$	468,204	$	—	$	703	$	(62,480)	$	406,427
Utah Housing Corporation bonds	3,408		—		—		(279)		3,129
U.S. government-sponsored enterprises and Treasuries	1,645,609		—		—		(66,870)		1,578,739
Other securities	446,763		—		603		(24,039)		423,327
Total	$	2,563,984	$	—	$	1,306	$	(153,668)	$	2,411,622

Schedule of Available-for-Sale Securities, Continuous Unrealized Loss Position, Fair Value


	Less than 12 months				12 months or more				Total
As of December 31, (dollars in thousands)	Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value
2024:
Mortgage-backed securities	$	(2,723)	$	137,585	$	(70,512)	$	290,257	$	(73,235)	$	427,842
Utah Housing Corporation bonds	—		—		(490)		2,359		(490)		2,359
U.S. government-sponsored enterprises and Treasuries	—		—		(32,265)		915,744		(32,265)		915,744
Other securities	(74)		11,579		(12,021)		182,215		(12,095)		193,794
Total	$	(2,797)	$	149,164	$	(115,288)	$	1,390,575	$	(118,085)	$	1,539,739

2023:
Mortgage-backed securities	$	(531)	$	51,391	$	(61,949)	$	300,318	$	(62,480)	$	351,709
Utah Housing Corporation bonds	—		—		(279)		3,129		(279)		3,129
U.S. government-sponsored enterprises and Treasuries	—		—		(66,870)		1,578,739		(66,870)		1,578,739
Other securities	(2,221)		90,725		(21,818)		241,253		(24,039)		331,978
Total	$	(2,752)	$	142,116	$	(150,916)	$	2,123,439	$	(153,668)	$	2,265,555

Schedule of Amortized Cost and Fair Value of Securities by Contractual Maturities


As of December 31, 2024 Year of Maturity (dollars in thousands)	Amortized Cost		Estimated Fair Value
2025	$	299,816	$	298,648
2026	549,175		520,793
2027	99,018		96,303
2038	66		66
2039	551		531
2042	2,112		1,793
2043	3,761		3,299
2044	4,085		3,651
2045	4,518		3,919
2046	6,953		5,965
2047	6,704		5,781
2048	1,702		1,481
2049	14,838		12,842
2050	101,145		78,475
2051	144,694		111,058
2052	58,268		50,497
2053	297,695		294,197
2054	142,209		135,800
2055	71,611		70,409
2056	194,173		197,363
2058	39,379		40,355
Total	$	2,042,473	$	1,933,226

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Loan reserves	$ 376,029	$ 354,412
Net unrealized losses	21,209	24,176
Accrued expenses not currently deductible	19,841	16,297
Unrecorded tax benefits	12,008	11,568
Research and development costs	38,119	26,519
Stock-based compensation plans	12,885	10,847
Acquired intangible assets	16,394	14,536
Operating loss carryovers	0	26
Other	1,785	1,426
Total deferred tax assets	498,270	459,807
Deferred tax liabilities:
Student loan premiums and discounts, net	22,873	15,908
Fixed assets	7,708	8,533
Federal deferred for state receivable	1,908	1,171
Other	402	614
Total deferred tax liabilities	32,891	26,226
Net deferred tax assets	$ 465,379	$ 433,581

Derivative Financial Instruments - Impact of Derivatives on Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Derivative Assets	$ 0	$ 0
Derivative instruments	(40)	(370)
Total net derivatives	(40)	(370)
Trading
Derivatives, Fair Value [Line Items]
Total net derivatives	0	0
Cash Flow \| Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Total net derivatives	(19)	(339)
Fair Value \| Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Total net derivatives	(21)	(31)
Interest rate swaps
Derivatives, Fair Value [Line Items]
Derivative Assets	0	0
Derivative instruments	(40)	(370)
Interest rate swaps \| Trading
Derivatives, Fair Value [Line Items]
Derivative Assets	0	0
Derivative instruments	0	0
Interest rate swaps \| Cash Flow \| Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative Assets	0	0
Derivative instruments	(19)	(339)
Interest rate swaps \| Fair Value \| Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative Assets	0	0
Derivative instruments	$ (21)	$ (31)

- Definition

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

+ References

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+ Details

- Definition

Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities not subject to a master netting arrangement and not elected to be offset.

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+ Details

Stock-Based Compensation Plans and Arrangements (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

The following table summarizes stock option activity for the year ended December 31, 2024.


(Dollars in thousands, shares and per share amounts in actuals)	Number of Options	Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value(1)
Outstanding at December 31, 2023	1,066,197	$	17.59
Granted	—	—
Exercised(2)(3)	(65,668)	17.65
Canceled	—	—
Outstanding at December 31, 2024(4)	1,000,529	$	17.59	6.2 years	$	9,997
Exercisable at December 31, 2024	933,223	$	17.65	6.1 years	$	9,267

(2)The total intrinsic value of the options exercised was $0.3 million for the year ended December 31, 2024. No options were exercised in the years ended December 31, 2023 and 2022.

(4)For net-settled options, gross number is reflected.

Schedule of Restricted Stock Activity

The following table summarizes restricted stock activity for the year ended December 31, 2024.


(Shares and per share amounts in actuals)	Number of Shares	Weighted Average Grant Date Fair Value
Non-vested at December 31, 2023	83,479	$	16.47
Granted	77,759	20.51
Vested(1)	(83,479)	16.47
Canceled	(7,069)	20.51
Non-vested at December 31, 2024(2)	70,690	$	20.51

(1)The total fair value of shares that vested during the years ended December 31, 2024, 2023, and 2022 was $1 million, $1 million, and $1 million, respectively.

(2)As of December 31, 2024, there was $0.7 million of unrecognized compensation cost related to restricted stock, which is expected to be recognized over a weighted average period of 0.5 years.

Schedule of Restricted Stock Unit and Performance Stock Unit Activity

The following table summarizes RSU and PSU activity for the year ended December 31, 2024.


(Shares and per share amounts in actuals)	Number of RSUs/ PSUs	Weighted Average Grant Date Fair Value
Outstanding at December 31, 2023	4,346,994	$	16.39
Granted	2,061,763	20.22
Vested and converted to common stock(1)	(1,932,557)	16.39
Canceled	(38,019)	18.25
Outstanding at December 31, 2024(2)	4,438,181	$	18.16

(1)The total fair value of RSUs/PSUs that vested and converted to common stock during the years ended December 31, 2024, 2023, and 2022 was $32 million, $35 million, and $34 million, respectively.

(2)As of December 31, 2024, there was $22 million of unrecognized compensation cost related to RSUs/PSUs, which is expected to be recognized over a weighted average period of 1.5 years.

Summary of Black-Scholes Model Assumptions for Calculating ESPP Fair Values

The fair values of the stock purchase rights of the ESPP offerings were calculated using a Black-Scholes option pricing model with the following weighted average assumptions:


Years ended December 31, (per share amounts in actuals)	2024			2023			2022
Risk-free interest rate	4.56		%	5.31		%	3.02		%
Expected volatility	27		%	38		%	39		%
Expected dividend rate	1.99		%	2.73		%	2.78		%
Expected life of the option	1 year			1 year			1 year
Weighted average fair value of stock purchase rights	$	5.07		$	4.14		$	4.17

Borrowings - Short-term Borrowings Narrative (Details) - Secured borrowings - USD ($)		12 Months Ended
	Jun. 14, 2024	Dec. 31, 2024	Dec. 31, 2023
Fixed-rate borrowings
Short-term Debt [Line Items]
Secured borrowing facility maximum borrowing capacity	$ 2,000,000,000
Residual interest percentage of facility trust	100.00%
Line of credit facility, expiration period	2 years
Secured borrowings outstanding		$ 0	$ 0
Floating-rate borrowings
Short-term Debt [Line Items]
Secured borrowing facility maximum borrowing capacity		$ 2,000,000,000	$ 2,000,000,000
Unused fee percentage		0.55%	0.55%

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Allowance for Credit Losses and Unfunded Loan Commitments - Payment Status (Amortized Cost Basis) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, ,modified in period, amount	$ 1,001,410	$ 373,683
Financing receivable, modified in period, to total financing receivables, percentage	100.00%	100.00%
Amortization cost basis	$ 40,400	$ 8,400
Loan Deferment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, ,modified in period, amount	33,645	6,843
Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, ,modified in period, amount	$ 826,007	$ 334,967
Financing receivable, modified in period, to total financing receivables, percentage	83.00%	90.00%
30-59 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, ,modified in period, amount	$ 77,446	$ 17,205
Financing receivable, modified in period, to total financing receivables, percentage	8.00%	4.00%
60-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, ,modified in period, amount	$ 43,484	$ 7,689
Financing receivable, modified in period, to total financing receivables, percentage	4.00%	2.00%
90 Days or Greater Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, ,modified in period, amount	$ 54,473	$ 13,822
Financing receivable, modified in period, to total financing receivables, percentage	5.00%	4.00%
Private Education Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, ,modified in period, amount	$ 1,035,055	$ 380,526
Amortization cost basis	$ 40,400

Borrowings - Summary of Outstanding Borrowings (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Long-Term	$ 6,440,345	$ 5,227,512
Weighted Average Interest Rate	4.30%	3.89%
Average Balance	$ 5,589,120	$ 5,321,215
Floating-rate borrowings
Debt Instrument [Line Items]
Long-Term	$ 827,182	$ 650,058
Weighted Average Interest Rate	5.71%	6.51%
Average Balance	$ 724,761	$ 715,409
Fixed-rate borrowings
Debt Instrument [Line Items]
Long-Term	$ 5,613,163	$ 4,577,454
Weighted Average Interest Rate	4.09%	3.52%
Average Balance	$ 4,864,359	$ 4,605,806

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Significant Accounting Policies (Policies)	12 Months Ended
Significant Accounting Policies (Policies)	Dec. 31, 2024
Accounting Policies [Abstract]
Use of Estimates and Assumptions	Use of Estimates and Assumptions The financial reporting and accounting policies of SLM Corporation conform to generally accepted accounting principles in the United States of America (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Key accounting policies that include significant judgments and estimates include the valuation of allowance for credit losses.
Consolidation	Consolidation The consolidated financial statements include the accounts of SLM Corporation and its majority-owned and controlled subsidiaries after eliminating the effects of intercompany accounts and transactions. We consolidate any variable interest entity (“VIE”) where we have determined we are the primary beneficiary. The primary beneficiary is the entity which has both: (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance; and (ii) the obligation to absorb losses or receive benefits of the entity that could potentially be significant to the VIE.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include cash held in the Federal Reserve Bank of San Francisco (the “FRB”) and commercial bank accounts, and other short-term liquid instruments with original maturities of three months or less. Fees associated with investing cash and cash equivalents are amortized into interest income using the effective interest rate method.
Trading and Available-for-Sale Investments	Trading Investments We periodically sell Private Education Loans through securitization transactions where we are required to retain a five percent vertical risk retention interest (i.e., five percent of each class issued in the securitizations). We classify those vertical risk retention interests related to the transactions as available-for-sale investments, except for the interest in the residual classes, which we classify as trading investments recorded at fair value with changes recorded through earnings. Available-for-Sale Investments Our available-for-sale investments consist of mortgage-backed securities, Utah Housing Corporation bonds, U.S. government-sponsored enterprises and Treasury securities, and the vertical risk retention interests described above (other than residual classes). We record our investment purchases and sales on a trade date basis. The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts, which are amortized using the effective interest rate method. Our investments are classified as available-for-sale and reported at fair value. Unrealized gains or losses on available-for-sale investments are recorded in equity and reported as a component of other comprehensive income (loss), net of applicable income taxes. We assess unrealized losses on available-for-sale debt securities that we have the ability and intent to hold for a period of time sufficient to recover the amortized cost of the security, for the purpose of determining credit impairment. If any credit impairment exists, an allowance for losses is established for the amount of the unrealized loss that is determined to be credit-related.
Other Investments	Other Investments We hold investments in non-marketable securities and account for these investments at cost, less impairment, plus or minus observable price changes of identical or similar securities of the same issuer. We also invest in affordable housing projects that qualify for the low income housing tax credit (“LIHTC”), which is designed to promote private development of low income housing. These investments generate a return mostly through realization of federal tax credits.
Loans Held for Investment	Loans Held for Investment Loans, consisting of Private Education Loans, that we have the ability and intent to hold for the foreseeable future, are classified as held for investment, and are carried at amortized cost. Amortized cost includes the unamortized premiums, discounts, and capitalized origination costs and fees, all of which are amortized to interest income as discussed under “— Loan Interest Income.” Loans that are held for investment are reported net of an allowance for credit losses. During the third quarter of 2024, we transferred our FFELP Loan portfolio from loans held for investment to loans held for sale as we planned to sell the portfolio. During the fourth quarter of 2024, we sold our FFELP Loan portfolio to a third party. This transaction qualified for sale treatment and removed the balance of the loans from our balance sheet on the settlement date.
Loans Held for Sale	Loans Held for Sale Any loans we have not classified as held for investment are classified as held for sale and are carried at the lower of cost or fair value. Loans are classified as held for sale when we have the intent and ability to sell such loans. Loans that are held for sale do not have the associated premium, discount, and capitalized origination costs and fees amortized into interest income. When a decision has been made to sell loans not previously classified as held for sale, such loans are transferred into the held for sale classification and carried at the lower of amortized cost basis (which excludes any allowance for credit losses) or fair value. At the time of the transfer to the held for sale classification, any amount by which the amortized cost basis exceeds fair value is accounted for as a valuation allowance. In addition, once a loan is classified as held for sale, we reverse any allowance for loan loss applicable to that loan. As market conditions permit, we may sell or securitize loans as a source of financing for other loans. Due to varying structuring terms, certain transactions may qualify for sale treatment while others do not qualify for sale treatment and are recorded as financings. All of our education loans are initially categorized as held for investment. It is only when we have selected the loans to sell or securitize and the transaction qualifies as a sale that we transfer the loans into the held for sale classification and carry them at the lower of cost or fair value. If we anticipate recognizing a gain related to the impending securitization or sale, then the fair value of the loans is higher than their respective cost basis and no valuation allowance is recorded.
Restricted Cash	Restricted Cash Restricted cash primarily includes amounts held in student loan securitization trusts and other secured borrowings. This cash must be used to make payments related to trust obligations. Amounts on deposit in these accounts are primarily the result of timing differences between when principal and interest is collected on the trust assets and when principal and interest is paid on trust liabilities.
Allowance for Credit Losses	Allowance for Credit Losses We maintain an allowance for credit losses for the lifetime expected credit losses on loans in our portfolios, as well as for future loan commitments, at the reporting date. In determining the lifetime expected credit losses on our Private Education Loan portfolio loan segments, we use a discounted cash flow method. This method requires us to project future principal and interest cash flows on our loans in those portfolios. To estimate the future expected cash flows, we use statistical loan-level models that consider life of loan expectations for defaults, prepayments, recoveries, and any other qualitative adjustments deemed necessary, to determine the adequacy of the allowance at each balance sheet date. These cash flows are discounted at the loan’s effective interest rate to calculate the present value of those cash flows. Management adjusts the effective interest rate used to discount expected cash flows to incorporate expected prepayments. The difference between the present value of those cash flows and the amortized cost basis of the underlying loans is the allowance for credit losses. Entities that measure credit losses based on the present value of expected future cash flows are permitted to report the entire change in present value as credit loss expense, but may alternatively report the change in present value due to the passage of time as interest income. We have elected to report the entire change in present value as credit loss expense. We estimate future default rates used in our current expected credit losses at a loan level using historical loss experience, current borrower characteristics, current conditions, and economic factors forecasted over a reasonable and supportable period. At the end of the reasonable and supportable forecast period, we immediately revert our forecasted economic factors to long-term historical averages. We estimate future prepayment speeds used in our current expected credit losses at a loan level using historical prepayment experience, current borrower characteristics, current conditions, and economic factors forecasted over a reasonable and supportable period. The reasonable and supportable forecast period is meant to represent the period in which we believe we can estimate the impact of forecasted economic factors in our expected losses. We use a two-year reasonable and supportable forecast period, although this period is subject to change as our view evolves on our ability to reasonably forecast economic conditions to estimate future losses. In estimating future default rates and prepayment speeds in our current expected credit losses, we use a combination of expected economic scenarios coupled with our historical experience and adjust for any qualitative factors (as described below). We also develop an adverse and favorable economic scenario. At each reporting date, we determine the appropriate weighting of these alternate scenarios based upon the current economic conditions and our view of the risks of alternate outcomes. This weighting of expectations is used in calculating our current expected credit losses recorded each period. We obtain forecasts for our loss model inputs from Moody’s Analytics. Moody’s Analytics provides a range of forecasts for each of these inputs with various likelihoods of occurrence. We determine which forecasts we will include in our estimation of allowance for credit losses and the associated weightings for each of these inputs. At December 31, 2024, December 31, 2023, and December 31, 2022, we used the Baseline (50th percentile likelihood of occurring)/S1 (stronger near-term growth scenario - 10 percent likelihood of occurring)/S3 (unfavorable (or downside) scenario - 10 percent likelihood of occurring) scenarios and weighted them 40 percent, 30 percent, and 30 percent, respectively. Management reviews both the scenarios and their respective weightings each quarter in determining the allowance for credit losses. In estimating recoveries, we use both estimates of what we expect to receive from the sale of defaulted loans as well as historical borrower payment behavior to estimate the timing and amount of future recoveries on charged-off loans. In addition to the above modeling approach, we also take certain qualitative factors into consideration when calculating the allowance for credit losses, which could result in management overlays (increases or decreases to the allowance for credit losses). These management overlays can encompass a broad array of factors not captured by model inputs, including, but not limited to, changes in lending policies and procedures, including changes in underwriting standards, changes in servicing policies and collection administration practices, including the loan modification program changes implemented in the fourth quarter of 2023, state law changes that could impact servicing and collection practices, charge-offs, recoveries not already included in the analysis, the effect of other external factors such as legal and regulatory requirements on the level of estimated current expected credit losses, the performance of the model over time versus actual losses, and any other operational or regulatory changes that could affect our estimate of future losses. The evaluation of the allowance for credit losses is inherently subjective, as it requires material estimates that may be susceptible to significant changes. If actual future performance in delinquency, charge-offs, and recoveries is significantly different than estimated, or management assumptions or practices were to change, this could materially affect the estimate of the allowance for credit losses, the timing of when losses are recognized, and the related provision for credit losses in our consolidated statements of income. When calculating our allowance for credit losses and liability for unfunded commitments, we incorporate several inputs that are subject to change period to period. These include, but are not limited to, CECL model inputs and any overlays deemed necessary by management. The most impactful CECL model inputs include: •Economic forecasts; •Weighting of economic forecasts; and •Recovery rates. Of the model inputs outlined above, economic forecasts, weighting of economic forecasts, and recovery rates are subject to estimation uncertainty, and changes in these inputs could have a material impact to our allowance for credit losses and the related provision for credit losses. In the fourth quarter of 2022, we changed our loss model to include forecasts of college graduate unemployment, retail sales, and median family income in determining the adequacy of the allowance for credit losses. Prior to this change, we included forecasts of college graduate unemployment and the Consumer Price Index in our loss forecasting models. In 2023, we experienced slower prepayment rates due to the rising interest rate environment. Historically, when rates rise, loan prepayments decline due to a reduction in consolidation activity of our borrowers to third party lenders, and when rates decline, loan prepayments rise due to an increase in consolidation activity of our borrowers to third party lenders. During 2023, our estimates of future prepayment speeds reflected the then current interest rate environment and future expectations of increased prepayment speeds in line with market expectations of a decline in interest rates based on the scenarios produced by Moody's Analytics described above. Slower prepayment speeds increase the allowance for credit losses because the loss rates applied in the future periods are applied to higher loan balances. In the second quarter of 2024, we implemented a loan-level future default rate model that includes current portfolio characteristics and forecasts of real gross domestic product and college graduate unemployment. In the second quarter of 2024, we also implemented a future prepayment speeds model to include forecasts of real gross domestic product, retail sales, the Secured Overnight Financing Rate (“SOFR”), and the U.S. 10-year treasury rate. These models reduce the reliance on certain qualitative overlays compared to the previous default rate and prepayment speeds models. Prior to these changes, our default rate and prepayment speeds models used forecasts of college graduate unemployment, retail sales, home price index, and median family income. Both the future default rate model and the future prepayment speeds model are used in determining the adequacy of the allowance for credit losses. The combined impact upon implementation of these model enhancements and the changes in the related qualitative overlays did not have a material impact on the overall level of our allowance for credit losses. Below we describe in further detail our policies and procedures for the allowance for credit losses as they relate to our Private Education Loan portfolio. During the third quarter of 2024, we reclassified our FFELP Loan portfolio to loans held for sale and subsequently sold the FFELP Loan portfolio to a third party during the fourth quarter of 2024. During the third quarter of 2022, we reclassified our Credit Card loan portfolio to loans held for sale and subsequently sold the Credit Card portfolio to a third party in May 2023.
Allowance for Private Education Loan Losses	Allowance for Private Education Loan Losses In addition to the key assumptions/estimates described above, some estimates are unique to our Private Education Loan portfolio. Estimates are made on our Private Education Loans regarding when each borrower will separate from school. The cash flow timing of when a borrower will begin making full principal and interest payments is dependent upon when the student either graduates or leaves school. These dates can change based upon many factors. We receive information regarding projected graduation dates from a third-party clearinghouse. The separation from school date is updated quarterly based on updated information received from the clearinghouse. Additionally, when we have a contractual obligation to fund a loan or a portion of a loan at a later date, we make an estimate regarding the percentage of this obligation that will be funded. This estimate is based on historical experience. For unfunded commitments, we recognize the related life of loan allowance as a liability. Once the loan is funded, that liability transfers to the allowance for Private Education Loan losses. Key Credit Quality Indicators - Private Education Loans We determine the collectability of our Private Education Loan portfolio by evaluating certain risk characteristics. We consider credit score at original approval and periodically refreshed/updated credit scores through the loan’s term, existence of a cosigner, loan status, and loan seasoning as the key credit quality indicators because they have the most significant effect on the determination of the adequacy of our allowance for credit losses. Credit scores are an indicator of the creditworthiness of borrowers, and the higher the credit scores the more likely it is the borrowers will be able to make all of their contractual payments. Loan status affects the credit risk because a past due loan is more likely to result in a credit loss than a current loan. Additionally, loans in the deferred payment status have different credit risk profiles compared with those in current pay status. Loan seasoning affects credit risk because a loan with a history of making payments generally has a lower incidence of default than a loan with a history of making infrequent or no payments. The existence of a cosigner lowers the likelihood of default as well. We monitor and update these credit quality indicators in the analysis of the adequacy of our allowance for credit losses on a quarterly basis. In the second quarter of 2023, we changed how we collect on defaulted loans. Previously, we used a mix of in-house collectors and sales to third parties. We continue to sell a segment of defaulted loans immediately after charge-off but no longer sell retained defaulted loans (that have been subject to internal collection attempts for six months) to third parties and instead continue our collection efforts using in-house collectors and third-party collectors. This improved our estimate of recovery rates for the year ended December 31, 2023. When we estimate the timing and amount of future recoveries on charged-off loans, we no longer include expectations of future sales on retained defaulted loans. We continue to monitor how we collect on defaulted loans and may modify the approach from time to time based on performance, industry conventions, and/or regulatory feedback. For December 31, 2022, we used both an estimate of recovery rates from in-house collections as well as expectations of future sales of defaulted loans to estimate the timing and amount of future recoveries on charged-off loans. Private Education Loans generally do not require borrowers to begin principal and interest repayment until at least six months after the borrowers have graduated or otherwise separated from school. Consequently, the loss estimates for these loans are generally low while the borrower is in school and then increase upon the end of the grace period after separation from school. At December 31, 2024 and 2023, 26 percent and 25 percent, respectively, of the principal balance of the Private Education Loan portfolio was related to borrowers who were then in an in-school (fully deferred), grace, or other deferment status and not required to make payments. Our collection policies for Private Education Loans allow for periods of nonpayment (forbearance) for certain borrowers requesting an extended grace period upon leaving school or experiencing temporary difficulty meeting payment obligations. As part of concluding on the adequacy of the allowance for credit losses for Private Education Loans, we review key allowance and loan metrics. The most relevant of the metrics considered are the allowance coverage of net charge-offs ratio; the allowance as a percentage of ending total loans plus unfunded loan commitments and total accrued interest receivable; and delinquency and forbearance percentages. We consider a Private Education Loan to be delinquent if the borrower has not made a required payment prior to the 31st day after such payment was contractually due.
Off-Balance Sheet Exposure for Contractual Loan Commitments and Uncollectible Interest	Off-Balance Sheet Exposure for Contractual Loan Commitments When we approve a Private Education Loan at the beginning of an academic year, that approval may cover the borrowing for the entire academic year. As such, we do not always disburse the full amount of the loan at the time of such approval, but instead have a commitment to fund a portion of the loan at a later date (usually the start of the second semester or subsequent trimesters). We estimate expected credit losses over the contractual period in which we are exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by us. The discounted cash flow approach described above includes expected future contractual disbursements. The portion of the allowance for credit losses related to future disbursements is shown as a liability on the face of the balance sheet, and related provision for credit losses is reflected on the income statement. Uncollectible Interest The majority of the total accrued interest receivable on our Private Education Loan portfolio represents accrued interest on deferred loans where no payments are due while the borrower is in school and on fixed-pay loans where the borrower makes a $25 monthly payment that is smaller than the interest accrued on the loan in that month. The accrued interest on these loans will be capitalized and increase the unpaid principal balance of the loans when the borrower exits the grace period after separation from school. The discounted cash flow approach and the allowance for credit losses described above consider both the collectability of principal and accrued interest. The allowance for uncollectible interest estimates the additional uncollectible interest that is not captured in the allowance for credit losses. The allowance for uncollectible interest uses historical experience to estimate the uncollectible interest on loans for which payment in full of principal or interest is not expected. This amount is recorded as a reduction of interest income. Accrued interest receivable is separately disclosed on the face of the balance sheet.
Allowance For Credit Card Loans	Allowance for Credit Card Loans At September 30, 2022, we transferred our Credit Card portfolio to loans held for sale as we planned to sell our Credit Card portfolio. At that time, we reversed $2.4 million through the provisions for credit losses for the allowance related to these loans. We subsequently sold the Credit Card portfolio to a third party in May 2023.
Allowance For FFELP Loan Losses	Allowance for FFELP Loan Losses During the third quarter of 2024, we transferred our FFELP Loan portfolio to loans held for sale as we planned to sell our FFELP Loan portfolio. At that time, we wrote down this loan portfolio to its estimated fair value through an adjustment to the allowance for credit losses of $8 million. We subsequently sold the FFELP Loan portfolio to a third party in the fourth quarter of 2024. FFELP Loans are insured as to their principal and accrued interest in the event of default, subject to a risk-sharing level based on the date of loan disbursement. These insurance obligations are supported by contractual rights against the United States. For loans disbursed on or after July 1, 2006, owners receive 97 percent reimbursement on all qualifying claims. For loans disbursed after October 1, 1993, and before July 1, 2006, owners receive 98 percent reimbursement on all qualifying claims. For loans disbursed prior to October 1, 1993, owners receive 100 percent reimbursement. Because owners bear a maximum of three percent loss exposure due to this federal guarantee, our allowance for credit losses for FFELP Loans and related periodic provision expense were relatively small. For the years ended December 31, 2023 and 2022, we used the gross loss approach when estimating the allowance for credit losses for the unguaranteed portion of our FFELP Loans. We maintained an allowance for credit losses for our FFELP Loans at a level sufficient to cover lifetime expected credit losses. The allowance for FFELP Loan losses used historical experience of customer default behavior. We applied the default rate projections, net of applicable risk sharing, to our FFELP Loans for the respective period to perform our quantitative calculation. Once the quantitative calculation was performed, we reviewed the adequacy of the allowance for credit losses and determined if qualitative adjustments needed to be considered.
Business Combinations	Business Combinations On March 4, 2022, we completed the acquisition of the assets primarily used or held for use of Epic Research Education Services, LLC, which did business as Nitro College (“Nitro”). Nitro provided resources that helped students and families evaluate how to responsibly pay for college and manage their financial responsibilities after graduation. The addition of Nitro supports our mission of providing students with the confidence needed to successfully navigate the higher education journey. The acquisition of the Nitro assets, including its employees and intellectual property, expanded our digital marketing capabilities, reduced the cost to acquire customer accounts, and accelerated our progress to become a broader education solutions provider for students before, during, and immediately after college. In 2024, we completed the transition of the related Nitro branding to the Sallie and Sallie Mae brands and platforms. On July 21, 2023, we completed the acquisition of several key assets of Scholly, Inc. (“Scholly”). Scholly was engaged in the business of operating as a scholarship publishing and servicing platform, comprised of websites and mobile application search products that offered custom recommendations for post-secondary scholarships for students, their families, and others as well as related services for scholarship providers. The addition of Scholly assets supports our mission of providing students with the confidence needed to successfully navigate the higher education journey. These acquisitions were accounted for as business combinations using the acquisition method of accounting in accordance with the Accounting Standard Codification 805, “Business Combinations,” of the Financial Accounting Standards Board (“FASB”), whereby as of the respective acquisition date, the acquired tangible assets and liabilities were recorded at their estimated fair values. The identifiable intangible assets were recorded at fair values as determined by an independent appraiser. The results of operations of Nitro and Scholly have been included in our consolidated financial statements since the respective acquisition dates. We have not disclosed the pro forma impact of these acquisitions to the results of operations for the years ended December 31, 2023 and 2022, as the pro forma impacts were deemed immaterial. Transaction costs associated with the Nitro acquisition were approximately $3 million and were expensed as incurred within “Other operating expenses” in the consolidated statements of income for the year ended December 31, 2022. Transaction costs associated with the Scholly acquisition were approximately $1 million and were expensed as incurred within “Other operating expenses” in the consolidated statements of income for the year ended December 31, 2023.
Goodwill and Acquired Intangible Assets	Goodwill and Acquired Intangible Assets Acquisitions are accounted for under the acquisition method of accounting, which results in the Company allocating the purchase price to the fair value of the acquired assets, liabilities, and non-controlling interests, if any, with the remaining purchase price allocated to goodwill. Goodwill is not amortized but is tested periodically for impairment. We test goodwill for impairment annually in the fourth quarter of the year, or more frequently if we believe that indicators of impairment exist. We complete a goodwill impairment analysis, which may be a qualitative or a quantitative analysis depending on the facts and circumstances associated with the reporting unit. In conjunction with a qualitative impairment analysis, we assess relevant qualitative factors to determine whether it is “more-likely-than-not” that the fair value of a reporting unit is less than its carrying amount. The “more-likely-than-not” threshold is defined as having a likelihood of more than 50 percent. If, based on first assessing impairment utilizing a qualitative approach, we determine it is “more-likely-than not” that the fair value of the reporting unit is less than its carrying amount, we will also complete a quantitative impairment analysis. In conjunction with a quantitative impairment analysis, we compare the fair value of the reporting unit to the reporting unit’s carrying value, including goodwill. If the carrying value of the reporting unit exceeds the fair value, goodwill is impaired in an amount equal to the amount by which the carrying value exceeds the fair value of the reporting unit, but not to exceed the goodwill amount attributed to the reporting unit. Acquired intangible assets include trade names and trademarks, customer relationships, developed technology, and partner relationships. Our acquired intangible assets have finite lives and are amortized over their estimated useful lives in proportion to their estimated economic benefit. We review our long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable.
Deposits	Deposits Our retail deposit accounts are principally certificates of deposit (“CDs”), money market deposit accounts (“MMDAs”), and high-yield savings (“HYS”) accounts. CDs are accounts that have a stipulated maturity and interest rate. Retail CDs may be withdrawn early, but a penalty is assessed. MMDA and HYS accounts are both interest and non-interest-bearing accounts that have no maturity or expiration date. For retail MMDA and HYS accounts, the depositor may be required to give written notice of any intended withdrawal not less than seven days before the withdrawal is made. The Bank also includes brokered CDs in its funding base. Early withdrawal of brokered CDs is generally prohibited (except in the case of death or legal incapacity). Other deposit accounts include large interest-bearing omnibus accounts deposited in the Bank by commercial entities having custodial responsibilities for many underlying accounts. These omnibus accounts may be structured with or without fixed maturities, and may have fixed or variable interest rates.
Fair Value Measurement	Fair Value Measurement We use estimates of fair value in applying various accounting standards for our financial statements. Fair value measurements are used in one of four ways: •In the consolidated balance sheet with changes in fair value recorded in the consolidated statement of income; •In the consolidated balance sheet with changes in fair value recorded in the accumulated other comprehensive income section of the consolidated statement of changes in equity; •In the consolidated balance sheet for instruments carried at lower of cost or fair value with impairment charges recorded in the consolidated statement of income; and •In the notes to the consolidated financial statements. Fair value is defined as the price to sell an asset or transfer a liability in an orderly transaction between willing and able market participants. In general, our policy in estimating fair value is to first look at observable market prices for identical assets and liabilities in active markets, where available. When these are not available, other inputs are used to model fair value such as prices of similar instruments, yield curves, volatilities, prepayment speeds, default rates, and credit spreads (including for our liabilities), relying first on observable data from active markets. Depending on current market conditions, additional adjustments to fair value may be based on factors such as liquidity, credit, and bid/offer spreads. Transaction costs are not included in the determination of fair value. When possible, we seek to validate the model’s output to market transactions. Depending on the availability of observable inputs and prices, different valuation models could produce materially different fair value estimates. The values presented may not represent future fair values and may not be realizable. We categorize our fair value estimates based on a hierarchical framework associated with three levels of price transparency utilized in measuring financial instruments at fair value. Classification is based on the lowest level of input that is significant to the fair value of the instrument. The three levels are as follows: •Level 1 — Quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access at the measurement date. The types of financial instruments included in level 1 are highly liquid instruments with quoted prices. •Level 2 — Inputs from active markets, other than quoted prices for identical instruments, are used to determine fair value. Significant inputs are directly observable from active markets for substantially the full term of the asset or liability being valued. •Level 3 — Pricing inputs significant to the valuation are unobservable. Inputs are developed based on the best information available. However, significant judgment is required by us in developing the inputs.
Loan Interest Income	Loan Interest Income For all loans, including impaired loans (regardless of the delinquency status of the impaired loans), classified as held for investment, we recognize interest income as earned, adjusted for the amortization of deferred direct origination and acquisition costs. Deferred fees or costs are required to be recognized as yield adjustments over the life of the related loans and are recognized by the interest method. The objective of the interest method is to arrive at periodic interest income (including recognition of fees and costs) at a constant effective yield on the net investment in the receivable (i.e., the principal amount of the receivable adjusted by unamortized fees or costs, purchase premium or discount, and any hedging activity—these unamortized costs will collectively be referred to as “basis adjustments”). The difference between the periodic interest income so determined and the interest income determined by applying the stated interest rate to the outstanding principal amount of the receivable is the amount of periodic amortization of deferred direct origination and acquisition costs. For the amortization of the basis adjustments, we determine the constant effective yield necessary to apply the interest method based upon the contractual terms of the loan contract, with no consideration given to expected prepayments. For fixed-rate loans, when a prepayment occurs the unamortized balance of the basis adjustments is adjusted so that future amortization (based upon the contractual terms of the loan) will result in a constant effective yield equal to the original effective interest rate. Prepayments do not result in a change in the effective interest rate of the loan. We determine the contractual payments on a pool basis; as such, when a prepayment occurs, future contractual payments will be determined assuming the pool will make smaller payments through the original term of the contract. The adjustment to the unamortized basis adjustment balance is recorded in interest income. For variable-rate loans, the effective interest rate at the time of origination is the loan’s effective interest rate assuming all future contractual payments. The effective interest rate remains the same for that loan until the loan rate changes. If there is no prepayment and no change in the stated interest rate, the periodic amortization of the basis adjustments is equal to the difference between the effective interest rate multiplied by the book basis and the contractual interest due. We determine the contractual payments on a pool basis; as such, when a prepayment occurs, future contractual payments will be determined assuming the pool will make smaller payments through the original term of the contract. The adjustment to the unamortized basis adjustment balance is recorded in interest income. When the interest rate on a variable-rate loan changes, the effective interest rate is recalculated using the same methodology described in the previous paragraph; however, the future contractual payments are changed to reflect the new interest rate. There is no forecasting of future expected changes in interest rates. The accounting basis used to determine the effective interest rate of the cash flows is equal to the balances of the unpaid principal balance and unamortized basis adjustments at the time of the rate change. We also paid the U.S. Department of Education (the “DOE”) an annual 105 basis point Consolidation Loan Rebate Fee on FFELP consolidation loans, which was netted against loan interest income. Additionally, interest earned on education loans reflects potential non-payment adjustments in accordance with our uncollectible interest recognition policy. We do not amortize any adjustments to the basis of loans when they are classified as held for sale. For loans not currently in full principal and interest repayment status or interest-only repayment status, we recognize the allowance for the portion of uncollectible interest representing amounts to be capitalized after separation from school and the expiration of the grace period to the provisions for credit losses and classify this allowance as part of our allowance for credit losses. The allowance for the portion of uncollectible interest on loans making full interest payments estimates the additional uncollectible interest that is not captured in the allowance for credit losses and will continue to be recorded as a reduction of interest income. As we maintain an allowance for uncollectible interest on loans making full interest payments and an allowance for credit losses for the interest on loans where all, or a portion of the interest, will be capitalized in the future, we do not place loans in nonaccrual status prior to charge-off. However, if it is determined that an individual loan or pool of loans is high risk, they may be placed on nonaccrual status, which entails stopping the accrual of interest on those loans until such time that the borrower(s) have made a sufficient number of payments (typically six months) to return to accrual status. At December 31, 2024, we had an immaterial amount of loans in nonaccrual status. At December 31, 2023, we also had an immaterial amount of loans in nonaccrual status. We recognize certain fee income (primarily late fees) on all loans when earned according to the contractual provisions of the promissory notes, as well as our expectation of collectability. Fee income is recorded when earned in “other non-interest income” in the accompanying consolidated statements of income.
Interest Expense	Interest Expense Interest expense is based upon contractual interest rates and other fees, adjusted for the amortization of issuance costs, premiums, and discounts. We incur interest expense on interest-bearing deposits comprised of non-maturity savings deposits, brokered and retail CDs, brokered and retail MMDAs, as well as unsecured and secured financings. Our Private Education Loan multi-lender secured borrowing facility (the “Secured Borrowing Facility”) also incurs an unused facility fee on the amount of unfunded commitments. Interest expense is recognized when amounts are contractually due and is adjusted for net payments/receipts related to qualifying interest rate swap agreements designated as hedges of interest-bearing liabilities. Interest expense also includes the amortization of deferred gains and losses on closed qualifying hedge transactions. Amortization of debt issuance costs, premiums, discounts, and terminated hedge-basis adjustments are recognized using the effective interest rate method.
Gains on Sale of Loans, Net	Gains on Sale of Loans, Net We may participate and sell loans to third parties and affiliates. These sales may occur through whole loan sales or securitization transactions that qualify for sale treatment. If a transfer of loans qualifies as a sale, we derecognize the loan and recognize a gain or loss as the difference between the carry basis of the loan sold and liabilities retained and the compensation received. We recognize the results of a transfer of loans based upon the settlement date of the transaction. These loans were initially recorded as held for investment and were transferred to held for sale immediately prior to sale or securitization.
Other Income	Other Income Included in other income are late fees on both Private Education Loans and FFELP Loans, which we recognize when the cash has been received, income for servicing private student loans for third parties, and changes to our tax indemnification receivable from Navient. Other income also included fees related to our Credit Card program. At September 30, 2022, we transferred our Credit Card portfolio to loans held for sale and subsequently sold the Credit Card portfolio to a third party in May 2023.
Securitization Accounting	Securitization Accounting Our securitization transactions use a two-step structure with a special purpose entity VIE that legally isolates the transferred assets from us in the event of bankruptcy or receivership. Transactions receiving sale treatment are also structured to ensure that the holders of the beneficial interests issued are not constrained from pledging or exchanging their interests, and that we do not maintain effective control over the transferred assets. If these criteria are not met, the transaction does not meet the criteria for sale treatment and is accounted for as an on-balance sheet secured borrowing. If a securitization qualifies as a sale, we assess whether Sallie Mae is the primary beneficiary of the securitization trust and thus required to consolidate the trust. We are considered the primary beneficiary if we have both: (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance; and (ii) the obligation to absorb losses or receive benefits of the entity that could potentially be significant to the VIE. As there is not a bright-line test for determining significance, the assessment of who has the power to significantly direct the activities of the VIE, and who has the obligation to absorb losses or receive benefits material to the VIE, can be qualitative and judgmental in nature. If we are determined to be the primary beneficiary, then no gain or loss is recognized on the transaction. Irrespective of whether a securitization receives sale or on-balance sheet treatment, our continuing involvement with our securitization trusts is generally limited to: •Owning the equity certificates of certain trusts; •The servicing of the student loan assets within the securitization trusts, on both a pre- and post-default basis; •Our acting as administrator for the securitization transactions we sponsored; •Our responsibilities relative to representation and warranty violations; and •The option to exercise the clean-up call and purchase the student loans from the trust when the pool balance is 10 percent or less of the original pool balance. In 2024 and 2023, we executed several secured financing transactions. Based upon our relationships with these securitizations, we believe the consolidation assessment is straightforward. We consolidated our secured financing transactions because either we did not meet the accounting criterion for sales treatment or we determined we were the primary beneficiary of the VIE because we retained (i) the residual interest in the securitization and therefore had the obligation to absorb losses or receive benefits of the entity that could potentially be significant to the VIE, as well as (ii) the power to direct the activities of the VIE in our role as servicer. The investors in our securitization trusts have no recourse to our other assets should there be a failure of the trust to pay when due. Generally, the only recourse the securitization trusts have to us is in the event we breach a seller representation or warranty or our duties as master servicer and servicer, in which event we are obligated to repurchase the related loans from the trust. We may also be responsible for indemnities in other instances for such things as willful misfeasance or bad faith. In 2024 and 2023, we also closed several loan sales and securitization transactions that were not consolidated on our balance sheet due to the transaction having met the criteria for sales treatment and Sallie Mae not being the primary beneficiary. In these transactions, we removed loans from our consolidated balance sheet and recognized any assets retained and liabilities assumed at fair value, and recorded a gain or loss on the transferred loans. Our continuing involvement in these securitization transactions mainly consists of acting as the primary servicer and holding certain retained interests. We provide additional information regarding these types of activities in Note 10, “Borrowings — Unconsolidated Funding Vehicles” in this Form 10-K.
Derivative Accounting	Derivative Accounting We account for our derivatives, consisting of interest rate swaps, at fair value on the consolidated balance sheets as either an asset or liability. Derivative positions are recorded as net positions by counterparty based on master netting arrangements (see Note 11, “Derivative Financial Instruments” in this Form 10-K), exclusive of accrued interest and cash collateral held or pledged. The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the “Dodd-Frank Act”) requires all standardized derivatives, including most interest rate swaps, to be submitted for clearing to central counterparties to reduce counterparty risk. Two of the central counterparties we use are the Chicago Mercantile Exchange (the “CME”) and the London Clearing House (the “LCH”). All variation margin payments on derivatives cleared through the CME and LCH are accounted for as legal settlement. As of December 31, 2024, $850 million notional of our derivative contracts were cleared on the CME and $71 million were cleared on the LCH. The derivative contracts cleared through the CME and LCH represent 92.3 percent and 7.7 percent, respectively, of our total notional derivative contracts of $921 million at December 31, 2024. For derivatives cleared through the CME and LCH, the net gain (loss) position includes the variation margin amounts as settlement of the derivative and not collateral against the fair value of the derivative. The amount of variation margin included as settlement as of December 31, 2024 was $(22) million and $(1) million for the CME and LCH, respectively. Changes in fair value for derivatives not designated as hedging instruments are presented as realized gains (losses). We determine the fair value for our derivative contracts primarily using pricing models that consider current market conditions and the contractual terms of the derivative contracts. These pricing models consider interest rates, time value, forward interest rate curves, and volatility factors. Inputs are generally from active financial markets. The accounting for derivative instruments requires that every derivative instrument, including certain derivative instruments embedded in other contracts, be recorded on the balance sheet as either an asset or liability measured at fair value. Our derivative instruments are classified and accounted for by us as either fair value hedges or cash flow hedges. Each derivative is designated to a specific (or pool of) liability(ies) on the consolidated balance sheets, and is designated as either a “fair value” hedge or a “cash flow” hedge. Fair value hedges are designed to hedge our exposure to the changes in fair value of a fixed-rate liability. For effective fair value hedges, both the hedge and the hedged item (for the risk being hedged) are recorded at fair value with any difference reflecting ineffectiveness recorded immediately in the consolidated statements of income. Cash flow hedges are designed to hedge our exposure to variability in cash flows related to variable-rate deposits. The assessment of the hedge’s effectiveness is performed at inception and on an ongoing basis, using regression testing. For hedges of a pool of liabilities, tests are performed to demonstrate the similarity of individual instruments of the pool. When it is determined that a derivative is not currently an effective hedge, ineffectiveness is recognized for the full change in fair value of the derivative with no offsetting amount from the hedged item since the last time it was effective. If it is also determined the hedge will not be effective in the future, we discontinue the hedge accounting prospectively and begin amortization of any basis adjustments that exist related to the hedged item. On March 12, 2020, FASB issued ASU No. 2020-04, “Reference Rate Reform (“Topic 848”): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” On January 7, 2021, the FASB issued ASU No. 2021-01, “Reference Rate Reform (“Topic 848”): Scope” that clarified the scope of Topic 848. Topic 848 contains temporary optional expedients and exceptions for applying GAAP to contract modifications, hedging relationships, and other transactions affected by reference rate reform. Our derivative portfolio is made up of interest rate swaps that are centrally cleared through either the CME or the LCH. On October 16, 2020, both the CME and the LCH changed the price alignment interest and discount rate applied when valuing these transactions to SOFR. The ISDA 2020 LIBOR Fallbacks Protocol (the “ISDA Fallback Protocol”) was made available for adherence on October 23, 2020, with an effective date of January 25, 2021. Once adhered to by both counterparties in a bilateral relationship and the effective date is reached, the ISDA Fallback Protocol represents a change to the contractual terms of derivatives governed by each respective ISDA agreement between the Company and a derivative counterparty. We have elected the option provided in Topic 848 to not reassess previous accounting determinations as well as the option to not dedesignate a hedging relationship due to a current or future change in a critical or contractual term related to reference rate reform, including changes in the discount rate. As our liabilities began to use alternatives to LIBOR before LIBOR was no longer published, for cash flow hedges of forecasted LIBOR based payments, we elected the expedient offered in Topic 848 to disregard the potential change in the designated hedged interest rate risk that may occur because of reference rate reform when we assess whether the hedged forecasted transactions are probable, in accordance with the requirements of “Derivatives and Hedging” Topic 815. We have also elected the expedient provided by Topic 848 to assume the reference rate would not be replaced for the remainder of the hedging relationship when assessing hedge effectiveness.
Stock-Based Compensation	Stock-Based Compensation We recognize stock-based compensation cost in our consolidated statements of income using the fair value method. Under this method, we determine the fair value of the stock-based compensation at the time of the grant and recognize the resulting compensation expense over the shorter of the vesting period of the stock-based grant or the employee’s retirement eligible date. We do not apply a forfeiture rate to our stock-based compensation expense, but rather record forfeitures when they occur. We record all excess tax benefits/deficiencies related to the settlement of employee stock-based compensation to the income tax expense line item on our consolidated statements of income.
Income Taxes	Income Taxes We account for income taxes under the asset and liability approach, which requires the recognition of deferred tax liabilities and assets for the expected future tax consequences of temporary differences between the carrying amounts and tax basis of our assets and liabilities. To the extent tax laws change, deferred tax assets and liabilities are adjusted in the period that the tax change is enacted. “Income tax expense (benefit)” includes (i) deferred tax expense (benefit), which represents the net change in the deferred tax asset or liability balance during the year when applicable, and (ii) current tax expense (benefit), which represents the amount of tax currently payable to or receivable from a tax authority plus amounts accrued for unrecognized tax benefits. Income tax expense (benefit) excludes the tax effects related to adjustments recorded in equity. An uncertain tax position is recognized only if it is more likely than not to be sustained upon examination based on the technical merits of the position. The amount of tax benefit recognized in the consolidated financial statements is the largest amount of benefit that is more than 50 percent likely of being sustained upon ultimate settlement of the uncertain tax position. We recognize interest and penalties related to unrecognized tax benefits in income tax expense (benefit).
Recently Adopted Accounting Pronouncements and Recently Issue Accounting Pronouncements	Recently Adopted Accounting Pronouncements In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The ASU improves reportable segment disclosure requirements and requires enhanced disclosures about significant segment expenses. We adopted this amendment as of December 31, 2024, on a retrospective basis. See Note 22, “Segment Reporting” in this Form 10-K for additional details on the impact of adoption of the ASU. Recently Issued Accounting Pronouncements In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU requires entities to disclose specific categories in the effective tax rate reconciliation and provide additional information for reconciling items where the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income/loss by the applicable statutory income tax rate. Additionally, entities are required to disclose the year-to-date amount of income taxes paid (net of refunds received) disaggregated by jurisdiction. The standard is effective for fiscal years beginning after December 15, 2024. We do not expect the impact of this ASU to be material to our consolidated financial statements. In November 2024, the FASB issued ASU No. 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosure (Subtopic 220-40): Disaggregation of Income Statement Expenses. The ASU is intended to provide more detailed information about specified categories of expenses (purchases of inventory, employee compensation, depreciation and amortization) included in certain expense captions presented on the consolidated statements of income. The guidance in this standard is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the impact of the ASU on our consolidated financial statements.

Parent Only Statements (Tables)

12 Months Ended

Dec. 31, 2024

Condensed Financial Information Disclosure [Abstract]

Parent only Condensed Balance Sheets


Parent Only Condensed Balance Sheets
At December 31, (dollars in thousands, except share and per share amounts)	2024		2023
Assets
Cash and cash equivalents	$	391,481	$	237,857
Total investments in subsidiaries (primarily Sallie Mae Bank)	2,773,211		2,628,838


Due from subsidiaries, net	43,556		63,679
Other assets	2,165		2,270
Total assets	$	3,210,413	$	2,932,644

Liabilities and Equity
Liabilities

Long-term borrowings	$	995,420	$	992,200
Income taxes payable, net	22,440		26,701

Other liabilities	32,633		32,946
Total liabilities	1,050,493		1,051,847

Equity
Preferred stock, par value $0.20 per share, 20 million shares authorized:
Series B: 2.5 million and 2.5 million shares issued, respectively, at stated value of $100 per share	251,070		251,070
Common stock, par value $0.20 per share, 1.125 billion shares authorized: 440.6 million and 438.2 million shares issued, respectively	88,121		87,647
Additional paid-in capital	1,193,753		1,148,689
Accumulated other comprehensive loss (net of tax benefit of $(21,209) and $(24,176), respectively)	(65,861)		(75,104)
Retained earnings	4,114,446		3,624,859
Total SLM Corporation stockholders’ equity before treasury stock	5,581,529		5,037,161
Less: Common stock held in treasury at cost: 230.2 million and 217.9 million shares, respectively	(3,421,609)		(3,156,364)
Total equity	2,159,920		1,880,797
Total liabilities and equity	$	3,210,413	$	2,932,644

Parent only Condensed Statements of Income


Parent Only Condensed Statements of Income
Years ended December 31, (dollars in thousands)	2024		2023		2022
Interest income	$	11,660	$	9,334	$	4,084
Interest expense	39,855		39,850		39,860
Net interest loss	(28,195)		(30,516)		(35,776)

Non-interest income (loss)	114		(2,701)		(5,117)
Non-interest expenses	62,696		61,958		55,466
Loss before income tax benefit and equity in net income from subsidiaries	(90,777)		(95,175)		(96,359)
Income tax benefit	(7,117)		(6,942)		(10,351)
Equity in net income from subsidiaries (primarily Sallie Mae Bank)	691,985		669,624		555,022
Net income	608,325		581,391		469,014
Preferred stock dividends	18,296		17,705		9,029
Net income attributable to SLM Corporation common stock	$	590,029	$	563,686	$	459,985

Parent only Condensed Statements of Cash Flows


Parent Only Condensed Statement of Cash Flows
Years ended December 31, (dollars in thousands)	2024		2023		2022

Cash flows from operating activities:
Net income	$	608,325	$	581,391	$	469,014
Adjustments to reconcile net income to net cash provided by operating activities:
Undistributed earnings of subsidiaries	(691,985)		(669,624)		(555,022)
Dividends received from Sallie Mae Bank	569,500		550,000		699,500
Reduction of tax indemnification receivable	—		2,816		5,231
Amortization of unsecured debt upfront fees	2,647		2,643		2,651
Amortization of discount on unsecured borrowings	573		571		571

Acquisition related costs	—		952		2,603

(Increase) decrease in investment in subsidiaries, net	27,350		35,654		(9,179)

Decrease in due from subsidiaries, net	20,123		36,864		5,124
Increase in other assets	(14,265)		(13,422)		(20,533)
Increase (decrease) in income taxes payable, net	(4,261)		490		(8,713)
Decrease in payable due to entity that is a subsidiary of Navient	—		—		(101)
Increase (decrease) in other liabilities	1,053		(3,442)		(1,836)
Total adjustments	(89,265)		(56,498)		120,296
Net cash provided by operating activities	519,060		524,893		589,310

Cash flows from investing activities:
Purchase of subsidiary, net of cash acquired	—		(14,654)		(127,654)

Net cash used in investing activities	—		(14,654)		(127,654)

Cash flows from financing activities:
Issuance costs for unsecured debt offering	—		—		(375)



Common stock dividends paid	(99,172)		(101,233)		(112,961)
Preferred stock dividends paid	(18,296)		(17,705)		(9,029)
Common stock repurchased	(247,968)		(350,264)		(713,197)
Net cash used in financing activities	(365,436)		(469,202)		(835,562)
Net increase (decrease) in cash and cash equivalents	153,624		41,037		(373,906)
Cash and cash equivalents at beginning of year	237,857		196,820		570,726
Cash and cash equivalents at end of year	$	391,481	$	237,857	$	196,820