Vanguard discloses 11.03% Corp holding for clients (SLM)

Rhea-AI Filing Summary

The Vanguard Group filed an amended Schedule 13G reporting beneficial ownership of 22,396,801 shares of Corp common stock, equal to 11.03% of the outstanding class as of 12/31/2025.

Vanguard reports no sole voting or dispositive power. It has shared voting power over 1,549,290 shares and shared dispositive power over all 22,396,801 shares, reflecting its role managing assets for clients. Vanguard explains that, following an internal realignment on January 12, 2026, certain subsidiaries or business divisions will report their holdings separately while pursuing the same investment strategies.

The filing states that Vanguard’s clients, including registered investment companies and other managed accounts, are entitled to dividends and sale proceeds on these shares, with no single client holding more than 5% of the class. Vanguard certifies that the shares are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.

Insights

Institutional ownership analyst

Vanguard discloses an 11.03% passive stake held for clients.

The Vanguard Group reports beneficial ownership of 22,396,801 Corp common shares, representing 11.03% of the class as of 12/31/2025. It holds no sole voting or dispositive power, with limited shared voting over 1,549,290 shares and shared dispositive power over the full position.

The stake is held on behalf of Vanguard’s clients, who receive dividends and sale proceeds, and no single client has more than 5% of the class. Vanguard certifies the holdings are in the ordinary course and not intended to change or influence control, consistent with a passive institutional investor filing on Schedule 13G rather than 13D.

Vanguard also notes an internal realignment effective 01/12/2026, after which certain subsidiaries or business divisions may report beneficial ownership separately on a disaggregated basis. Subsequent ownership reports from these entities will provide detail on how this 11.03% aggregate position is split across Vanguard-affiliated managers.

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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 13)

SLM Corp

(Name of Issuer)

Common Stock

(Title of Class of Securities)

78442P106

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 78442P106

1

Names of Reporting Persons

The Vanguard Group

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

PENNSYLVANIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,549,290.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 22,396,801.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

22,396,801.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

11.03 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: On January 12, 2026, The Vanguard Group, Inc. went through an internal realignment. As of that date, The Vanguard Group, Inc. no longer performs portfolio management services or administers proxy voting. In accordance with SEC Release No. 34-39538 (January 12, 1998), The Vanguard Group, Inc. anticipates that certain subsidiaries or business divisions of subsidiaries of The Vanguard Group, Inc., that currently have, or are deemed to have, beneficial ownership with The Vanguard Group, Inc., will report beneficial ownership separately (on a disaggregated basis) from The Vanguard Group, Inc. in reliance on such release. These subsidiaries and/or business divisions pursue the same investment strategies as previously pursued by The Vanguard Group, Inc. prior to the realignment.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: SLM Corp
(b)	Address of issuer's principal executive offices: 300 Continental Drive, Newark, DE, 19713
Item 2.
(a)	Name of person filing: The Vanguard Group
(b)	Address or principal business office or, if none, residence: 100 Vanguard Blvd., Malvern, PA 19355
(c)	Citizenship: PA
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 78442P106
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 22396801
(b)	Percent of class: 11.03 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 1549290
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 22396801
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. The Vanguard Group, Inc.'s clients, including investment companies registered under the Investment Company Act of 1940 and other managed accounts, have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities reported herein. No one other person's interest in the securities reported herein is more than 5%.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

The Vanguard Group

Signature:	Ashley Grim
Name/Title:	Head of Global Fund Administration
Date:	01/30/2026

FAQ

How many SLM (Corp) shares does The Vanguard Group report owning?

The Vanguard Group reports beneficial ownership of 22,396,801 shares of Corp common stock. This position represents 11.03% of the outstanding class as of December 31, 2025, and is held on behalf of Vanguard’s investment company and separate account clients.

What percentage of SLM (Corp) does Vanguard’s 13G/A filing represent?

The amended Schedule 13G shows Vanguard beneficially owning 11.03% of Corp’s common stock. This percentage is based on 22,396,801 shares reported as of December 31, 2025, and reflects shares held across multiple Vanguard-managed client accounts.

Does The Vanguard Group control voting for its SLM (Corp) shares?

Vanguard reports no sole voting power and shared voting power over 1,549,290 shares. It has shared dispositive power over 22,396,801 shares, indicating that voting and disposition decisions are exercised collectively in its role as asset manager.

Is Vanguard’s SLM (Corp) position held for control purposes or passively?

The filing certifies the shares were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of Corp, consistent with a passive ownership position under Schedule 13G.

Who benefits economically from Vanguard’s SLM (Corp) holdings?

Vanguard states that its clients, including registered investment companies and other managed accounts, have the right to receive dividends and sale proceeds from the reported securities. No single other person’s interest in the reported shares exceeds 5% of the class.

What internal changes at Vanguard are mentioned in the SLM (Corp) 13G/A?

The filing notes an internal realignment effective January 12, 2026. After this date, certain Vanguard subsidiaries or business divisions may report beneficial ownership separately on a disaggregated basis, while continuing the same investment strategies as before the realignment.