SLM Corporation reported its financial results for the third quarter of 2026, recording a GAAP net loss per common share of $0.19. Private Education Loan originations reached $3.4 billion, representing 15% growth from the year-ago quarter. This originations growth included 119% growth in Graduate Loan originations during the first academic year following PLUS reform. Origination credit quality remained strong, with an average winning FICO at approval of 757 and cosigner rates of 92%.

The Company reported third-quarter net charge-offs of $90 million, which represents an increase year-over-year that was primarily driven by misaligned third-party debt resolution practices. Non-interest expenses rose to $221 million, a year-over-year increase largely attributable to expenses associated with peak season to capture new volume and customers following PLUS reform.

During the quarter, SLM Corporation entered into a new strategic partnership with a leading global investment firm that included an initial seasoned portfolio loan sale of $143 million of Private Education Loans, including $129 million of principal and $14 million of capitalized interest.

For the full year 2026, SLM Corporation updated its guidance. The Company now expects diluted earnings per common share of $1.95 to $2.05, compared to prior guidance of $3.10 to $3.20. Expected full year net charge-offs were updated to $400 to $420 million, compared to prior guidance of $365 to $385 million. Meanwhile, full year guidance for Private Education Loan originations growth remains at 12% to 14% and non-interest expenses are expected to be $750 to $780 million.

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