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.
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First-Quarter Financial Performance: Sallie Mae (Nasdaq: SLM) reported a GAAP net income of $114 million, translating to $0.47 per diluted share for the first quarter of 2023. The company saw a notable 12% increase in private education loan originations, totaling $2.4 billion compared to the year-ago quarter. Credit performance improved, with net charge-offs at 2.1%, a positive shift from the previous quarter. The liquidity ratio strengthened to 19.7%, up from 17.2% year-over-year. Additionally, a $2 billion loan sale is expected to close in early May, showcasing robust operational momentum.
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Sallie Mae (Nasdaq: SLM) has announced the declaration of its 2023 second-quarter dividends. The company will pay a dividend of $1.6971444 per share on its Preferred Stock Series B and $0.11 per share on its common stock. Both dividends will be distributed on June 15, 2023, to stockholders of record as of June 2, 2023. As a leader in private student lending, Sallie Mae continues to support access to education and enhance customer experiences beyond college through various products and resources.
Sallie Mae (Nasdaq: SLM) announced that Chief Financial Officer Steve McGarry will speak at the 2023 Barclays Americas Select Conference on Tuesday, May 9, at 10:15 a.m. ET. A live audio webcast and replay will be accessible on SallieMae.com/investors.
Sallie Mae is a leader in private student lending, providing financing and resources to help individuals access higher education and achieve personal goals. For more information on their offerings, visit SallieMae.com. The company is not a government entity and does not receive sponsorship from the United States.
Sallie Mae (Nasdaq: SLM) is set to release its first-quarter 2023 financial results after market close on April 26, 2023. A live audio webcast will follow on April 27, 2023, at 8 a.m. ET. Investors can access the webcast and presentation slides at SallieMae.com/investors. Pre-registration for the earnings call is available, ensuring participants receive a personalized conference code for access. The company's commitment to private student lending supports education and lifelong learning opportunities, emphasizing their role in facilitating access to higher education.
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.