SLM : Fourth Quarter 2021 Earnings Release (PDF, 1.20MB)

Exhibit 99.1

News Release

For Immediate Release

SALLIE MAE REPORTS FOURTH-QUARTER AND FULL-YEAR 2021 FINANCIAL RESULTS

Fourth-Quarter GAAP Net Income Attributable to Common Stock of $305 Million, $1.04 Per Diluted Share; Full-Year 2021 GAAP Net Income Attributable to Common Stock of $1.2 Billion, $3.61 Per Diluted Share

Fourth-QuarterNon-GAAP "Core Earnings" Net Income Attributable to Common Stock of $306 Million, $1.05 Per Diluted Share; Full-Year 2021 Non-GAAP "Core Earnings" Net Income Attributable to Common Stock

of $1.2 Billion, $3.67 Per Diluted Share

Board of Directors Approves New $1.25 Billion Share Repurchase Program

Enters Agreement to Acquire Nitro College, a Delaware-Based Digital Marketing

and Education Solutions Company

NEWARK, Del., Jan. 26, 2022 - Sallie Mae (Nasdaq: SLM), formally SLM Corporation, today released fourth-quarter and full-year 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, Jan. 27, 2022, 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/vvw43zyp

Participants may also register for the earnings conference call at: http://www.directeventreg.com/registration/ event/9479532. 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.

Contacts:

Media

Rick Castellano, 302-451-2541,[e-mail]

Investors

Brian Cronin, 302-451-0304,[e-mail]

Sallie Mae Reports Fourth-Quarter and Full-Year 2021 Financial Results

Fourth-Quarter GAAP Net Income Attributable to Common Stock of $305 Million, $1.04 Per Diluted Share; Full-Year 2021

GAAP Net Income Attributable to Common Stock of $1.2 Billion, $3.61 Per Diluted Share

Fourth-QuarterNon-GAAP "Core Earnings" Net Income Attributable to Common Stock of $306 Million, $1.05 Per Diluted

Share; Full-Year 2021 Non-GAAP "Core Earnings" Net Income Attributable to Common Stock

of $1.2 Billion, $3.67 Per Diluted Share

Board of Directors Approves New $1.25 Billion Share Repurchase Program

Enters Agreement to Acquire Nitro College, a Delaware-Based Digital Marketing and Education Solutions Company

"With a relentless focus on our core business, we delivered strong results in 2021 and continued our progress on each of our strategic imperatives. We also rigorously managed expenses, executed a capital return program that exceeded original expectations, and improved our earnings outlook throughout the year. That performance allowed us to increase our share repurchase goals and our dividend, further creating shareholder value. We expect that continued focus and execution to drive results in 2022. We continue to challenge ourselves to be creative in pursuing opportunities to reach and assist more students and families and strategically evolve our company. Our acquisition of Nitro College, when completed, will complement our core business, providing innovative and enhanced digital capabilities that meaningfully amplify our efforts to become an education solutions provider that helps students confidently navigate their entire higher education journey."

Jonathan Witter, CEO, Sallie Mae

Fourth-Quarter 2021 Highlights vs. Fourth-Quarter 2020 Highlights

Continue to Execute on our Core Business Strategy:

• GAAP net income of $306 million, down 29%.
• Net interest income of $367 million, up less than 1%.
• Private education loan originations of $737 million, up 18%.
• Sold $1.05 billion in private education loans; there were no loan sales in the year-ago period.
• Average private education loans outstanding of $21.3 billion, down 6%.
• Average yield on the private education loan portfolio was 8.31%, up 8 basis points.
• Private education loan provisions for credit losses, including amounts for unfunded commitments, was a negative provision of $16 million, compared with a negative provision of $317 million.
• Private education loans held-for-investment in forbearance were 1.9% of private education loans held-for-investment in repayment and forbearance, down from 4.3%.
• Private education loans held-for-investment delinquencies as a percentage of private education loans held-for-investment in repayment were 3.3%, up from 2.8%.
• Total operating expenses of $125 million, up from $122 million.

Progress on our Balance Sheet and Capital Allocation:

• In the fourth quarter of 2021, issued $500 million of 3.125% unsecured Senior Notes due 2026; used portion of net proceeds to redeem $200 million of 5.125% unsecured Senior Notes due 2022. In the fourth quarter of 2020, issued $500 million of 4.20% unsecured Senior Notes due 2025.
• Gain on sale of private education loans of $146 million in the fourth quarter of 2021.
• Repurchased 14 million shares of common stock under share repurchase programs in the fourth quarter of 2021. There were no common stock share repurchases in the year-ago period.
• Paid fourth-quarter common stock dividend of $0.11 per share, up from $0.03 per share for the fourth quarter of 2020.

Investor Contact:	Media Contact:
Brian Cronin, 302-451-0304	Rick Castellano, 302-451-2541
[e-mail]	[e-mail]

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The following are significant items or events that occurred in the fourth quarter of 2021 or early 2022, as applicable:

Provisions for Credit Losses

Provision for credit losses in the fourth quarter of 2021 was a $15 million negative provision, compared with a $316 million negative provision in the year-ago quarter. During the fourth quarter of 2021, the provision for credit losses was a negative provision of $15 million primarily due to a $56 million reduction in the allowance for credit losses arising from the sale of $1.05 billion of private education loans during the quarter, and an additional reduction due to improved economic forecasts for the quarter. Offsetting these reductions was an increase to the provision for new originations during the quarter. In the year-ago quarter, the provision for credit losses was favorably affected by a $206 million reversal of provision for credit losses as a result of $3 billion of private education loans transferred to held-for-sale from held-for-investment, a benefit from faster prepayment speeds, and a benefit from improvements in the economic forecasts.

Progress on Balance Sheet and Capital Allocation

Balance Sheet

On Nov. 1, 2021, the company issued at par $500 million of 3.125% unsecured Senior Notes due Nov. 2, 2026. The company used a portion of the net proceeds to redeem its outstanding $200 million of 5.125% unsecured Senior Notes due Apr. 5, 2022.

On Nov. 17, 2021, the company sold $1.05 billion of its private education loans, including $985 million of principal and $69 million in capitalized interest, to an unaffiliated third party.

Share Repurchases

In the fourth quarter of 2021, the company repurchased 14 million shares of its common stock at a total cost of $263 million, or an average purchase price of $18.52 per share, under a Rule 10b5-1 trading plan authorized under its share repurchase programs.

From Jan. 1, 2020 through Dec. 31, 2021, the company has repurchased 146 million shares of common stock under its

repurchase programs, which represents a 35% reduction in the total number of shares outstanding on Jan. 1, 2020. The full- year 2021 repurchases were 99 million shares at an average purchase price of $17.37 per share, which is a 26% decrease in shares outstanding since the beginning of 2021. There was $38 million of capacity remaining under the 2021 Share Repurchase Program at Dec. 31, 2021.

Acquisition of Nitro College

On Jan. 26, 2022, the company signed a definitive agreement with Epic Research LLC to purchase the assets primarily used or held for use of Epic Research Education Services, LLC, which does business as Nitro College ("Nitro"). Nitro provides resources that help students and families evaluate how to responsibly pay for college and manage their financial responsibilities after graduation. Nitro takes pride in equipping college students and their parents with the necessary tools to navigate college financing, manage their debt, and obtain scholarship opportunities. In addition to providing a scholarship finder, Nitro provides FAFSA application support, information on grants, and calculators to help college students determine the potential return on investment from a college degree. The addition of Nitro will support the company's mission of providing students with the confidence needed to successfully navigate the higher education journey. Strategically, we expect the acquisition of the Nitro assets, including its employees and intellectual property, when complete, to immediately expand the company's digital marketing capabilities, reduce the cost to acquire customer accounts, and accelerate the company's progress to become a broader education solutions provider for students before, during, and immediately after college. The company has had a partnership with Nitro since 2017, and it has been a source of private education loan leads during this period. The transaction is subject to customary approvals and closing conditions and is expected to close in the first quarter of 2022. Terms of the purchase are not being disclosed, but the purchase price is not material to the company. Keefe, Bruyette & Woods, Inc., a Stifel Company, served as exclusive financial advisor and Davis Polk & Wardell LLP served as legal advisor to Sallie Mae in this transaction.

2022 Share Repurchase Program*

The company has been authorized to repurchase up to $1.25 billion in common stock under a new share repurchase program, which is effective immediately and expires on Jan. 25, 2024 (the "2022 Share Repurchase Program"). The 2022 Share Repurchase Program is in addition to $26 million of capacity remaining under the 2021 Share Repurchase Program at Jan. 25, 2022. Repurchases may occur from time to time and through a variety of methods, including tender offers, open market repurchases, repurchases effected through Rule 10b5-1 trading plans, negotiated block purchases, accelerated share repurchase programs, or other similar transactions. The timing and volume of any repurchases will be subject to market conditions, and there can be no guarantee that the company will repurchase up to the limit of the programs or at all.

* See page 6 for a cautionary note regarding forward-looking statements.

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The following provides guidance on the company's performance in 2022.

Guidance*

For 2022, the company expects the following:

• Full-yeardiluted Non-GAAP "Core Earnings" per common share of $2.80 - $3.00.**
• Full-yearPrivate Education Loan originations year-over-year growth of 8% - 10%.
• Full-yeartotal loan portfolio net charge-offs of $255 million - $275 million.
• Full-yearnon-interest expenses of $555 million - $565 million.

* See page 6 for a cautionary note regarding forward-looking statements.

• See Non-GAAP "Core Earnings" to GAAP Reconciliation on page 10 for a description of non-GAAP "Core Earnings". GAAP net income attributable to SLM Corporation common stock is the most directly comparable GAAP measure. However, this GAAP measure is not accessible on a forward-looking basis because the company is unable to estimate the net impact of derivative accounting and the associated net tax expense (benefit) for future periods.

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Quarterly and Full-Year

Financial Highlights

	4Q 2021	3Q 2021	4Q 2020	2021	2020
Income Statement ($ millions)
Total interest income	$458	$448	$480	$1,777	$2,022
Total interest expense	91	90	113	382	542
Net interest income	367	358	367	1,395	1,480
Less: provisions for credit losses	(15)	138	(316)	(33)	93
Total non-interest income	153	14	1	632	331
Total non-interest expenses	125	141	124	520	564
Income tax expense	104	19	127	380	273
Net income	306	73	433	1,161	881
Preferred stock dividends	1	1	2	5	10
Net income attributable to common stock	305	72	431	1,156	871
Non-GAAP "Core Earnings" adjustments to	1	3	9	18	(8)
GAAP(1)
Non-GAAP "Core Earnings" net income attributable	306	74	440	1,173	863
to common stock(1)
Ending Balances ($ millions)
Private Education Loans held for investment, net	$19,625	$20,562	$18,437	$19,625	$18,437
FFELP Loans held for investment, net	693	703	735	693	735
Credit Cards held for investment, net	23	16	11	23	11
Deposits	20,828	20,891	22,666	20,828	22,666
Key Performance Metrics
Net interest margin	5.13%	5.03%	4.82%	4.81%	4.81%
Yield - Total interest-earning assets	6.40%	6.30%	6.30%	6.13%	6.57%
Private Education Loans	8.31%	8.26%	8.23%	8.25%	8.42%
Credit Cards	4.12%	6.95%	(3.53)%	4.67%	(6.04)%
Cost of Funds	1.36%	1.35%	1.60%	1.42%	1.90%
Return on Assets ("ROA")(2)	4.2%	1.0%	5.6%	3.9%	2.8%
Non-GAAP "Core Earnings" ROA(3)	4.2%	1.0%	5.7%	4.0%	2.8%
Return on Common Equity ("ROCE")(4)	62.3%	14.4%	87.3%	53.9%	45.5%
Non-GAAP "Core Earnings" ROCE(5)	62.6%	15.0%	89.0%	54.7%	45.1%
Per Common Share
GAAP diluted earnings per common share	$1.04	$0.24	$1.13	$3.61	$2.25
Non-GAAP "Core Earnings" diluted earnings per	$1.05	$0.24	$1.15	$3.67	$2.23
common share(1)
Average common and common equivalent shares	293	305	381	320	387
outstanding (millions)

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