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SLM Corporation, commonly known as Sallie Mae, reports developments tied to private education lending, student-loan servicing and resources for families financing higher education. Company news includes updates to Sallie Mae Graduate Loan, Law School Loan, Medical School Loan and Dental School Loan products, repayment features, prequalification, scholarships through The Sallie Mae Fund, and research on college planning and education affordability.
Recurring announcements also cover quarterly financial results, guidance, senior-note and other capital-structure actions, shareholder voting matters, leadership appointments, and governance or legal-risk developments involving the Sallie Mae brand and its subsidiaries.
Sallie Mae (Nasdaq: SLM) announced that CFO Steven J. McGarry will continue in his role until February 2024 as part of a retention agreement during his transition to retirement. McGarry has been with the company since 1997, holding the CFO position for the past nine years. His leadership has been crucial in transforming Sallie Mae from a government-sponsored entity to a private market leader in student lending. The company is currently searching for McGarry's successor. CEO Jon Witter praised McGarry's contributions, emphasizing his strategic vision and commitment to financial discipline.
Sallie Mae (Nasdaq: SLM) announced that Chief Financial Officer Steve McGarry will speak at the 2023 RBC Capital Markets Global Financial Institutions Conference on Wednesday, March 8, at 2:40 p.m. ET. The event will be accessible via a live audio webcast, which can be found on SallieMae.com/investors. As a leader in private student lending, Sallie Mae focuses on supporting education and lifelong learning, providing financing and resources to help customers realize their academic and personal goals.
Sallie Mae (Nasdaq: SLM) announced that its 2023 annual meeting of stockholders will occur virtually on June 20, 2023, at 1 p.m. ET. Eligible stockholders must hold shares as of the close of business on April 21, 2023. Further details will be provided in the proxy statement to be filed with the Securities and Exchange Commission in late April. Sallie Mae remains a leader in private student lending, providing financing and resources to enhance access to education and lifelong learning.
Sallie Mae Fund, the charitable arm of Sallie Mae, has opened applications for its Bridging the Dream Scholarship programs, offering up to $350,000 in total to help students from underserved communities. High school seniors can receive up to $10,000, while graduate students can earn up to $10,000 to support their education and social justice initiatives. The programs are part of a $3 million commitment over three years, with 600 scholarships awarded to date. Applications are open until March 27, 2023.
Sallie Mae (Nasdaq: SLM) reported a fourth-quarter net loss attributable to common stock of $81 million, translating to a $0.33 loss per share. In contrast, the full-year 2022 net income was $460 million, or $1.76 per diluted share. Key factors impacting earnings included a $297 million provision for credit losses and a $60 million write-down on non-marketable equity securities. The company also achieved a full-year net interest margin of 5.31%, a 10% increase from the previous year, and private education loan originations of $6 billion, up 10% year-over-year.
Sallie Mae® (Nasdaq: SLM) announces that Chief Financial Officer Steve McGarry will address attendees at the Credit Suisse Financial Services Forum on February 14 at 8:35 a.m. ET. This forum provides a platform for discussing financial services trends and innovations. A live audio webcast of the event will be available, along with a replay at SallieMae.com/investors. Sallie Mae remains a leader in private student lending, focusing on financing education and lifelong learning.
Sallie Mae (Nasdaq: SLM) has declared its 2023 first-quarter dividend for both Preferred Stock Series B and common stock. The preferred dividend is set at $1.6090725 per share, while the common stock dividend is $0.11 per share. Both dividends are scheduled for payment on March 15, 2023, to shareholders recorded by the close of business on March 3, 2023.
This announcement reflects Sallie Mae's commitment to delivering value to its shareholders through consistent dividend payments.
Sallie Mae has awarded the Bridging the Dream Scholarship to 10 graduate students, each receiving $10,000 aimed at promoting social justice in their communities. This initiative, executed in partnership with the Thurgood Marshall College Fund, reflects Sallie Mae's commitment to education access, particularly for individuals from underserved communities. Since its inception, the Sallie Mae Fund has committed $3 million over three years, granting a total of $2 million across 600 scholarships. Applications for the upcoming scholarship cycle open on Feb 6, 2023.
Sallie Mae (Nasdaq: SLM) will announce its Q4 and full-year 2022 financial results on February 1, 2023, after market close. A conference call is scheduled for February 2, 2023, at 8 a.m. ET, where a live audio webcast and presentation slides will be accessible. Interested investors can pre-register for the earnings call and find the earnings news release on the company’s investor website. Sallie Mae is dedicated to providing financing for education, promoting lifelong learning, and supporting access to college.
Sallie Mae (Nasdaq: SLM) has appointed Kerri Palmer as Chief Operational Officer and President of Sallie Mae Bank, succeeding Dan Kennedy. Palmer, who previously held the position of Chief Risk Officer, will now oversee credit performance, underwriting, and customer service. With over 20 years of experience, including a background at Capital One, she aims to enhance operational efficiency. CEO Jon Witter emphasized her proven leadership during uncertain economic times.