学贷美 2025年度报告

Form10-K or SLM Corporation Securities registered pursuant to Section 12(b) of the Act: Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule405 of the Securities Act.Yes☑No☐ Indicate by check mark whether the registrant: (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Act of 1934 during thepreceding 12months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject to such filing requirements for the past90days.Yes☑No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule405 of RegulationS-T during the preceding 12months (or for such shorter period that the registrant was required to submit such files).Yes☑No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerginggrowth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule12b-2 of theExchange Act. (Check one): If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revisedfinancial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control overfinancial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☑ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflectthe correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by anyof the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ The aggregate market value of voting common stock held by non-affiliates of the Registrant as of June 30, 2025 was $6.8 billion (based on closing sale price of$32.79 per share as reported for the NASDAQ Global Select Market). As of January31, 2026, there were 198,154,626 shares of common stock outstanding. DOCUMENTS INCORPORATED BY REFERENCE Portions of the definitive proxy statement on Schedule 14A relating to the Registrant’s 2026 Annual Meeting of Stockholders are incorporated by reference into PartsII and III of this Annual Report on Form 10-K. Auditor Name:KPMG LLPAuditor Location:McLean, VirginiaAuditor Firm ID:185 SLM CORPORATION TABLE OF CONTENTS FORWARD-LOOKING AND CAUTIONARY STATEMENTS References in this Annual Report on Form 10-K to “we,” “us,” “our,” “Sallie Mae,” “SLM,” and the “Company” refer to SLMCorporation and its subsidiaries, except as otherwise indicated or unless the context otherwise requires. This Annual Report on Form 10-K contains “forward-looking statements” and information based on management’scurrent expectations as of the date of this report. Statements that are not historical facts, including statements about theCompany’s beliefs, opinions, or expectations and statements that assume or are dependent upon future events, are forward-looking statements. These include, but are not limited to: strategies; goals and assumptions of the Company; the Company’sexpectation and ability to execute loan sales (including sales under the Company’s new strategic partnership) and sharerepurchases; the Company’s expectation and ability to pay a quarterly cash dividend on our common stock in the future, subjectto the approval of our Board of Directors; the Company’s 2026 guidance; the Company’s three-year horizon outlook; theCompany’s credit outlook; the impact of acquisitions the Company has made or may make in the future; the Company’sprojections regarding originations, net charge-offs, non-interest expenses, earnings, balance sheet position, and other metrics;any estimates related to accounting standard changes; and any estimates related to the impact of credit administrationpractices changes, including the results of simulations or other behavioral observations. Forward-looking statements are subject to risks, uncertainties, assumptions, and other factors, many of which are difficultto predict and generally beyond the control of the Company, which may cause actual results to be materially different from thosereflected in such forward-looking statements. There can be no assurance that future developments affecting the Company willbe the same as those antici