Sallie Mae Reports Second-Quarter 2020 Financial Results

Second-Quarter GAAP Loss Per Share of $0.23; Driven by $243 Million Increase to the Provision for Credit Losses for Estimated Future Economic Impacts of COVID-19

Private Education Loan Portfolio Totals $19.8 Billion at June 30, 2020

$497 Million in Private Education Loans Originated During Quarter

NEWARK, Del.--(BUSINESS WIRE)--Sallie Mae (Nasdaq: SLM), formally SLM Corporation, today released second-quarter 2020 financial results. Highlights of those results are included in the attached supplement. Complete financial results are available at www.SallieMae.com/investors.

Sallie Mae will host an earnings conference call tomorrow, July 23, 2020, at 8 a.m. EDT. Executives will be on hand to discuss various highlights of the quarter and to answer questions related to Sallie Mae’s performance. To participate, dial 877-356-5689 (USA and Canada) or 706-679-0623 (international) and use access code 5487762 starting at 7:45 a.m. EDT. A replay of the conference call will be available approximately two hours after the call’s conclusion and will remain available through August 6, 2020, by dialing 855-859-2056 (USA and Canada) or 404-537-3406 (international) with access code 5487762.

A live audio webcast of the conference call and presentation slides may be accessed at www.SallieMae.com/investors.

Sallie Mae (Nasdaq: SLM) believes education and life-long learning, in all forms, help people achieve great things. As the leader in private student lending, we provide financing and know-how to support access to college and offer products and resources to help customers make new goals and experiences, beyond college, happen. Learn more at SallieMae.com. Commonly known as Sallie Mae, SLM Corporation and its subsidiaries are not sponsored by or agencies of the United States of America.