[Form 4] SLM Corporation Insider Trading Activity

Rhea-AI Filing Summary

SLM Corporation Director Receives Restricted Stock Award

Director Kirsten O. Wolberg received 5,281 shares of Restricted Common Stock on June 17, 2025, as partial payment of the annual director retainer under the SLM Corporation 2021 Omnibus Incentive Plan. The shares were granted at $0 cost and are subject to vesting conditions outlined in the 2025 Independent Director Restricted Stock Agreement.

Following the transaction, Wolberg beneficially owns 73,154.565 shares directly, which includes:

• Dividend Equivalent Units from existing Restricted Stock holdings
• Shares acquired through dividend reinvestment plan

The Form 4 was filed on June 20, 2025, through power of attorney by Jeffrey Lipschutz, complying with SEC reporting requirements for insider transactions.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Wolberg Kirsten O.

(Last) (First) (Middle)

300 CONTINENTAL DRIVE

(Street)

NEWARK DE 19713

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
SLM Corp [ SLM ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
06/17/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	06/17/2025		A		5,281(1)	A	$0	73,154.565(2)(3)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The reporting person received shares of Restricted Common Stock, issued pursuant to the terms of the SLM Corporation 2021 Omnibus Incentive Plan - 2025 Independent Director Restricted Stock Agreement (the "2025 Agreement") in partial payment of the annual retainer to independent directors. The Restricted Common Stock award is subject to vesting upon the terms set forth in the 2025 Agreement.

2. Includes Dividend Equivalent Units issued in connection with Restricted Common Stock held by the reporting person.

3. Includes shares of Common Stock acquired under a dividend reinvestment plan.

Remarks:

	/s/ Jeffrey Lipschutz (POA) for Kirsten O. Wolberg	06/20/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How many shares of SLM stock did director Kirsten Wolberg acquire on June 17, 2025?

Director Kirsten Wolberg acquired 5,281 shares of SLM restricted common stock on June 17, 2025, issued as part of her annual retainer payment under the SLM Corporation 2021 Omnibus Incentive Plan.

What is the total amount of SLM shares Kirsten Wolberg owns after the June 2025 transaction?

Following the reported transaction, Kirsten Wolberg beneficially owns 73,154.565 shares of SLM common stock directly. This amount includes dividend equivalent units and shares acquired through a dividend reinvestment plan.

What was the purchase price for SLM shares acquired by Wolberg in this Form 4 filing?

The shares were acquired at $0 cost, as they were issued as part of the director's annual retainer compensation package through the SLM Corporation 2021 Omnibus Incentive Plan - 2025 Independent Director Restricted Stock Agreement.

What type of vesting conditions apply to Kirsten Wolberg's newly acquired SLM shares?

The restricted common stock award is subject to vesting conditions as specified in the 2025 Independent Director Restricted Stock Agreement, though the specific vesting terms are not detailed in this Form 4 filing.