Sallie Mae® (NASDAQ:SLM), formally SLM Corporation ("SLM" or the "Company"), announced today the pricing terms of its previously announced cash tender offer (the "Tender Offer") to purchase any and all of its outstanding 3.125% senior notes (the "Notes") upon the terms and conditions described in the Company's Offer to Purchase, dated May 6, 2026 (the "Offer to Purchase").

Set forth in the table below is the purchase price (the "Purchase Price") for the Notes, as calculated at 2 p.m., New York City time, on May 12, 2026, in accordance with the Offer to Purchase:

Title of Security CUSIP/ISIN Number Principal Amount Outstanding U.S. Treasury

Reference Security		 Bloomberg Reference Page Reference Yield Fixed Spread (basis points) Purchase Price
3.125% Senior Notes due 2026(1) 78442P GE0 / US78442PGE07 $500,000,000 4.125% U.S. Treasury due October 31, 2026 FIT 3 3.786% +25 $995.83
  
(1) The Notes will mature on Nov. 2, 2026.

In addition to the Purchase Price, holders whose Notes are purchased pursuant to the Tender Offer will also receive accrued and unpaid interest thereon from the last interest payment date up to, but not including, the settlement date on which the Company makes payment for such Notes, which date is currently expected to be May 15, 2026, assuming that the Tender Offer is not extended or earlier terminated.