CORRECTING and REPLACING ATTACHMENT Sallie Mae Reports Third-Quarter 2021 Financial Results

Third-Quarter GAAP Net Income Attributable to Common Stock of $72 Million, or $0.24 Per Diluted Share; Third-Quarter “Core Earnings” Attributable to Common Stock of $74 Million, or $0.24 Per Diluted Share

Private Education Loan Originations of $2.1 Billion in Third Quarter of 2021, an Increase of 10 Percent from Year-Ago Quarter; Private Education Loan Originations of $4.7 Billion in First Nine Months of 2021, a Decrease of 0.2 Percent from Year-Ago Period

Board of Directors Approves $250 Million Increase to the 2021 Share Repurchase Program and Declares Common Stock Dividend for Fourth Quarter 2021 of $0.11 Per Share, Up from $0.03 Per Share for Third Quarter 2021

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The release reads:

SALLIE MAE REPORTS THIRD-QUARTER 2021 FINANCIAL RESULTS

Third-Quarter GAAP Net Income Attributable to Common Stock of $72 Million, or $0.24 Per Diluted Share; Third-Quarter “Core Earnings” Attributable to Common Stock of $74 Million, or $0.24 Per Diluted Share

Private Education Loan Originations of $2.1 Billion in Third Quarter of 2021, an Increase of 10 Percent from Year-Ago Quarter; Private Education Loan Originations of $4.7 Billion in First Nine Months of 2021, a Decrease of 0.2 Percent from Year-Ago Period

Board of Directors Approves $250 Million Increase to the 2021 Share Repurchase Program and Declares Common Stock Dividend for Fourth Quarter 2021 of $0.11 Per Share, Up from $0.03 Per Share for Third Quarter 2021

Sallie Mae (Nasdaq: SLM), formally SLM Corporation, today released third-quarter 2021 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, Oct. 21, 2021, at 8 a.m. ET. Executives will be on hand to discuss various highlights of the quarter and to answer questions related to Sallie Mae’s performance. A live audio webcast of the conference call and presentation slides may be accessed at www.SallieMae.com/investors and the hosting website at: https://edge.media-server.com/mmc/p/9rbmfigq.

Participants may also register for the earnings conference call at: https://www.directeventreg.com/der/validateConferenceId.action. Once registration is completed, participants will be provided a dial-in number with a personalized conference code to access the call. Please dial in 15 minutes prior to the start time.

A replay of the webcast will be available via the company’s investor website approximately two hours after the call’s conclusion.

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.

Category: Corporate and Financial

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Media Rick Castellano, 302-451-2541, [e-mail] Investors Brian Cronin, 302-451-0304, [e-mail]