SLM Corporation, commonly known as Sallie Mae, reported a net income of $135.9 million for the third quarter of 2025, translating to earnings of $0.63 per diluted share. This marks a significant recovery from a net loss of $45.2 million, or a loss of $0.23 per share, in the same quarter of the previous year. For the nine months ending September 30, 2025, the company achieved a net income of $511.7 million, compared to $496.8 million for the same period in 2024. The increase in profitability was primarily driven by a rise in net interest income, which increased to $373 million from $359 million year-over-year, alongside substantial gains from loan sales.
The company experienced notable changes in its financial metrics compared to the previous fiscal period. Total interest income rose to $657.6 million for the third quarter, up from $652.6 million a year earlier, while total interest expense decreased to $284.6 million from $293.2 million. The provision for credit losses also saw a decrease, falling to $179.5 million from $271.5 million in the prior year, largely due to negative provisions resulting from a $1.94 billion Private Education Loan sale during the quarter. This sale contributed to a net gain of $136 million, a stark contrast to the absence of loan sales in the third quarter of 2024.
In terms of operational developments, SLM Corporation reported a total of $23 billion in Private Education Loans held for investment as of September 30, 2025, an increase from $22.2 billion at the end of 2024. The company’s average Private Education Loans also rose to $22.3 billion, reflecting a 9% increase year-over-year. The total number of loans in repayment increased, with 16.3 million loans reported as current, while the percentage of loans in forbearance remained stable at 2%. The company’s total deposits decreased to $20 billion from $21.1 billion, with a notable shift in the composition of deposits, including a reduction in brokered deposits.
Looking ahead, SLM Corporation remains focused on maximizing the profitability of its core private student loan business while enhancing its risk management framework. The company anticipates continued growth in its Private Education Loan originations, supported by a strong demand for educational financing. Management has indicated that they will maintain a rigorous capital allocation strategy to ensure stockholder value is prioritized. The outlook for the remainder of 2025 suggests a commitment to navigating market conditions effectively while managing credit risks associated with its loan portfolio.
About SLM Corp
SLM Corporation, known as Sallie Mae, is a leading provider of private student loans, offering origination and servicing for high-quality education financing. It serves students and families nationwide, primarily funding higher education costs through private loans, deposit products, and market-based funding. The company emphasizes responsible lending, customer support, and digital engagement, supporting access to higher education and fostering financial responsibility.
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