SLM Corp (SLM) 2025 Q2 法說會逐字稿

Welcome to the Sallie Mae second-quarter 2025 earnings conference call. (Operator Instructions) I would now like to turn the call over to Kate deLacy, Senior Director and Head of Investor Relations. Please go ahead.

歡迎參加 Sallie Mae 2025 年第二季財報電話會議。（操作員指示）現在，我想將電話轉給高級主管兼投資者關係主管 Kate deLacy。請繼續。

Thank you, [Chloey]. Good evening, and welcome to Sallie Mae's second-quarter 2025 Earnings Call. It is my pleasure to be here today with Jon Witter, our CEO; Pete Graham, our CFO; and Melissa Bernal, Managing Vice President of Strategic Finance.

謝謝你，[克洛伊]。晚上好，歡迎參加 Sallie Mae 2025 年第二季財報電話會議。今天我很高興能與我們的執行長 Jon Witter、我們的財務長 Pete Graham 以及策略財務執行副總裁 Melissa Bernal 一起來到這裡。

After the prepared remarks, we will open the call for questions. Before we begin, keep in mind our discussion will contain predictions, expectations and forward-looking statements. Actual results in the future may be materially different from those discussed here due to a variety of factors. Listeners should refer to the discussion of those factors in the company's Form 10-Q and other filings with the SEC.

準備好的發言結束後，我們將開始提問。在我們開始之前，請記住我們的討論將包含預測、期望和前瞻性陳述。由於各種因素，未來的實際結果可能與此處討論的結果有重大差異。聽眾應該參考該公司 10-Q 表和向美國證券交易委員會提交的其他文件中對這些因素的討論。

For Sallie Mae, those factors include, among others, results of operations, financial conditions and/or cash flows as well as any potential impacts of various external factors on our business. We undertake no obligation to update or revise any predictions, expectations or forward-looking statements to reflect events or circumstances that occur after today, Thursday, July 24, 2025.

對於 Sallie Mae 而言，這些因素包括但不限於經營業績、財務狀況和/或現金流量以及各種外部因素對我們業務的任何潛在影響。我們不承擔更新或修改任何預測、預期或前瞻性陳述以反映今天（2025 年 7 月 24 日，星期四）之後發生的事件或情況的義務。

Thank you. And now I'll turn the call over to Jon.

謝謝。現在我將把電話轉給喬恩。

Thank you, Kate and Chloey. Good evening, everyone. Thank you for joining us to discuss Sallie Mae's second quarter of 2025 results. I hope you'll take away three key messages today. First, we delivered solid results in the second quarter and first half of the year.

謝謝你，凱特和克洛伊。大家晚上好。感謝您加入我們討論 Sallie Mae 2025 年第二季的業績。我希望你們今天能領悟三個關鍵訊息。首先，我們在第二季和上半年取得了穩健的業績。

Second, recognizing ongoing economic certainties, we believe we have momentum going into the second half of the year, and third, we're optimistic about the long-term outlook for private student lending, particularly in light of the recently passed federal student loan reforms.

其次，認識到持續的經濟確定性，我們相信我們將在進入下半年時擁有良好的發展勢頭；第三，我們對私人學生貸款的長期前景持樂觀態度，特別是考慮到最近通過的聯邦學生貸款改革。

Let's begin with the quarter's results. GAAP diluted EPS in the second quarter was $0.32 per share. Loan originations for the second quarter were $686 million, roughly in line with the same period last year and slightly below our expectations.

讓我們從本季的業績開始。第二季 GAAP 稀釋每股收益為 0.32 美元。第二季的貸款發放金額為 6.86 億美元，與去年同期大致持平，略低於我們的預期。

The second quarter typically represents our lowest origination volume, less than 10% of the annual total and includes a higher concentration of nontraditional borrowers and programs. A handful of our nontraditional school partners faced unique challenges such as short-term enrollment caps and disbursement volume shifts to later in the year.

第二季度通常是我們貸款發放量最低的季度，佔全年總額的 10% 以下，且非傳統借款人和專案的集中度較高。我們的一些非傳統學校合作夥伴面臨著獨特的挑戰，例如短期入學人數上限和支出額轉移到今年稍後。

We do not expect these factors to have a similarly significant impact in future quarters. Looking forward, conversations with school partners indicate they are navigating considerable uncertainty as they evaluate impacts from federal lending reforms, reductions in grant funding and other recent policy developments.

我們預計這些因素不會在未來幾季產生同樣重大的影響。展望未來，與學校合作夥伴的對話表明，他們在評估聯邦貸款改革、撥款減少和其他近期政策發展的影響時面臨相當大的不確定性。

While peak volumes are beginning to build, these factors may be causing a delayed peak season similar to what we experienced last year. We will continue to monitor this actively and optimize our marketing strategies accordingly.

雖然尖峰流量開始增加，但這些因素可能會導致旺季延遲，類似於我們去年所經歷的情況。我們將繼續積極監控此事並相應地優化我們的行銷策略。

The credit quality of originations continues to be robust with incremental improvement compared to the second quarter of 2024. Our cosigner rate for the second quarter was 84%, up from 80% in the year ago quarter, and average FICO at approval rose slightly to 754 from 752.

與 2024 年第二季相比，貸款發放信用品質持續保持強勁並逐步改善。我們第二季的共同簽署率為 84%，高於去年同期的 80%，批准時的平均 FICO 分數從 752 略微上升至 754。

These indicators reflect continued discipline in our underwriting standards and borrower selection. For the second quarter of '25, we continued our capital return strategy, repurchasing 2.4 million shares at an average price of $29.42 per share. We have reduced the shares outstanding since we began this strategy in 2020 by over 53% at an average price of $16.43.

這些指標反映了我們在承保標準和借款人選擇方面的持續嚴格。2025 年第二季度，我們繼續推行資本回報策略，以每股 29.42 美元的平均價格回購了 240 萬股。自 2020 年實施此策略以來，我們已將流通股數量減少了 53% 以上，平均價格為 16.43 美元。

We expect to continue programmatically and strategically buying back stock throughout the year. Before I hand the call over to Pete, I'm pleased to share that earlier this week, we agreed to indicative pricing on a transaction for the sale of $1.8 billion of private education loans.

我們預計全年將繼續有計劃、有策略地回購股票。在我將電話交給皮特之前，我很高興地告訴大家，本週早些時候，我們同意了出售 18 億美元私人教育貸款交易的指示性定價。

We are encouraged by the price that has been agreed on, which is in line with our expectations for the year. As we look ahead to the second half of the year, we will continue to take a disciplined approach to managing balance sheet capacity, particularly as we prepare for anticipated plus reform and will remain open to opportunities that support our strategic and financial objectives.

我們對已商定的價格感到鼓舞，這符合我們對今年的預期。展望下半年，我們將繼續採取嚴謹的方法來管理資產負債表能力，特別是在我們為預期改革做準備時，並將繼續對支持我們的策略和財務目標的機會持開放態度。

We continue to expect year-over-year growth in our private student loan portfolio with any additional loan sales evaluated in the context of our broader strategy and evolving balance sheet priorities. Pete will now take you through some of the additional financial highlights of the quarter. Pete?

我們繼續預計我們的私人學生貸款組合將實現同比增長，任何額外的貸款銷售都將根據我們更廣泛的策略和不斷變化的資產負債表優先事項進行評估。皮特現在將帶您了解本季的一些其他財務亮點。皮特？

Thank you, Jon. Good evening, everyone. Let's continue with a discussion of key drivers of earnings. For the second quarter of 2025, we earned $377 million of net interest income. This is up $5 million from the prior year quarter.

謝謝你，喬恩。大家晚上好。讓我們繼續討論獲利的關鍵驅動因素。2025 年第二季度，我們的淨利息收入為 3.77 億美元。這比去年同期增加了 500 萬美元。

Our net interest margin was 5.31% for the quarter, 4 basis points ahead of the prior quarter. This expansion of net interest income is in part due to higher average balances across the portfolio over the first half of the year as well as changes to the overall mix of total assets on our balance sheet.

本季我們的淨利差為5.31%，比上一季高4個基點。淨利息收入的擴大部分是由於上半年投資組合的平均餘額增加，以及資產負債表上總資產整體結構的變化。

We continue to believe over the long term that low to mid-5% range is an appropriate NIM target. Our provision for credit losses was $149 million in the second quarter, up from $17 million in the prior year quarter.

我們仍然相信，從長期來看，5% 的低點至中位數區間是合適的 NIM 目標。我們第二季的信貸損失準備金為 1.49 億美元，高於去年同期的 1,700 萬美元。

It's worth noting that the prior year figure included a $103 million reserve release related to a loan sale that occurred in the second quarter of last year. The year-over-year increase can be attributed to a more cautious macroeconomic outlook as well as an increase in the weighted average life of the portfolio over the prior year. Despite the higher provision, our allowance as a percentage of private education loan exposure remained stable at 5.95%, slightly below the prior quarter's 5.97% and just 5 basis points above the year ago quarter.

值得注意的是，去年的數據包括與去年第二季發生的貸款出售相關的 1.03 億美元儲備金釋放。同比成長可以歸因於更謹慎的宏觀經濟前景以及投資組合加權平均壽命較上一年的增加。儘管撥備增加，但我們的撥備佔私人教育貸款曝險的百分比仍保持穩定在 5.95%，略低於上一季的 5.97%，僅比去年同期高出 5 個基點。

The Moody's macroeconomic forecast that are a key input in our reserve modeling have softened quarter over quarter. Accordingly, we're maintaining a cautious outlook for the remainder of the year, closely monitoring forecast revisions that could influence our assumptions and estimates.

作為我們儲備模型的重要輸入因素，穆迪的宏觀經濟預測已逐季減弱。因此，我們對今年剩餘時間保持謹慎的展望，密切關注可能影響我們的假設和估計的預測修訂。

Private education loans delinquent 30 days or more were 3.5% of loans and repayment, a decrease from the 3.6% at the end of the first quarter of 2025, although higher than the 3.3% at the end of the year ago quarter. We remain pleased with the continued positive performance of our loan modification programs and see the benefit of these programs within our late-stage delinquencies, which have remained flat year over year despite an almost $2 billion increase in loans and repayment.

私人教育貸款拖欠 30 天或以上佔貸款和還款的 3.5%，低於 2025 年第一季末的 3.6%，但高於去年同期的 3.3%。我們對貸款修改計劃持續的積極表現感到滿意，並看到這些計劃對我們後期拖欠率的好處，儘管貸款和還款增加了近 20 億美元，但後期拖欠率同比保持平穩。

When we look at borrowers who have been in the programs for over a year, 80% are consistently making payments. We're encouraged by the trajectory of these programs, which are performing in line with our expectations as we look towards achieving our long-term NCO targets.

當我們觀察那些參與該計劃超過一年的借款人時，發現 80％ 的人都在持續還款。這些專案的進展讓我們感到鼓舞，它們的表現符合我們的預期，我們期待實現我們的長期 NCO 目標。

Separately, when looking at the credit performance of the portfolio, the second quarter demonstrated solid credit quality, consistent with our seasonal expectations. Net private education loan charge-offs in the second quarter were $94 million, representing 2.36% of average loans and repayment, an increase of 17 basis points compared to the second quarter of 2024. We attribute this uptick primarily to the impact from our first quarter grant of disaster forbearance related to the California wildfires.

另外，從投資組合的信貸表現來看，第二季信貸品質穩健，符合我們的季節性預期。第二季私人教育貸款淨沖銷額為 9,400 萬美元，佔平均貸款和還款額的 2.36%，與 2024 年第二季相比增加了 17 個基點。我們將這一增長主要歸因於我們第一季授予的與加州野火相關的災難寬容的影響。

While some of the borrowers that were granted disaster forbearance in the first quarter were able to return to making payments, a portion of those borrowers ultimately charged off in the second quarter. We view this as a unique event that shifted some charge-off timing and we remain confident in our full-year expectations.

雖然第一季獲得災難寬容的部分借款人能夠恢復還款，但其中一部分借款人最終在第二季還清了債務。我們認為這是一個獨特的事件，它改變了一些沖銷時間，我們對全年預期仍然充滿信心。

Year-to-date, our net private education loan charge-offs are 2.11%, 6 basis points below prior year. Importantly, at this point, we have not observed any material signs that reset policy changes, or broader economic softness or adversely affecting portfolio performance.

年初至今，我們的私立教育貸款淨沖銷率為 2.11%，比前一年低 6 個基點。重要的是，目前我們還沒有觀察到任何重置政策變化、更廣泛的經濟疲軟或對投資組合表現產生不利影響的重大跡象。

Second-quarter noninterest expenses were $167 million compared to $155 million in the prior quarter and $159 million in the year ago quarter. This is consistent with our expectations for the year, providing a solid foundation as we move into the third quarter.

第二季非利息支出為 1.67 億美元，而上一季為 1.55 億美元，去年同期為 1.59 億美元。這與我們對今年的預期一致，為我們進入第三季奠定了堅實的基礎。

And finally, our liquidity and capital positions remain strong. We ended the quarter with a liquidity ratio of 17.8%. And at the end of the second quarter, total risk-based capital was 12.8% and common equity Tier 1 capital was 11.5%.

最後，我們的流動性和資本狀況依然強勁。本季末我們的流動性比率為 17.8%。截至第二季末，總創投為 12.8%，普通股一級資本為 11.5%。

Another measure of loss absorption capacity on the balance sheet is GAAP equity plus loan loss reserves over risk-weighted assets, which was a very strong 16.3%. We continue to believe we are well positioned to grow the business and continue to return capital to shareholders going forward.

資產負債表上衡量損失吸收能力的另一個指標是 GAAP 股權加上貸款損失準備金除以風險加權資產，比率非常強勁，達到 16.3%。我們始終相信，我們有能力發展業務，並繼續向股東返還資本。

Now, I'll turn the call back to Jon.

現在，我將把電話轉回給喬恩。

Thanks, Pete. I hope you agree that we have delivered solid results throughout the first half of the year, and you share my belief that we have positive momentum for the full year of 2025. As we look ahead, we are also encouraged by the developments in the broader policy landscape that could shape the future of our industry.

謝謝，皮特。我希望您同意我們在今年上半年取得了堅實的業績，並且您和我一樣相信我們在 2025 年全年將保持積極的勢頭。展望未來，更廣泛的政策格局的發展也令我們感到鼓舞，這些發展可能會影響我們產業的未來。

Earlier this month, the President signed HR1 into law, marking a pivotal moment in federal student loan reform. The enacted legislation introduces meaningful changes to the federal student loan system, capping borrowing under the Parent PLUS program and setting new limits on graduate borrowing through the elimination of the Grads PLUS program. The bill also expands Pell Grants eligibility and streamline federal student loan repayment plans.

本月初，總統簽署了 HR1 法案，標誌著聯邦學生貸款改革的關鍵時刻。頒布的法案對聯邦學生貸款系統進行了有意義的改革，限制了家長 PLUS 計劃下的借款，並透過取消 Grads PLUS 計畫對研究生借款設定了新的限制。該法案還擴大了佩爾助學金的申請資格，並簡化了聯邦學生貸款還款計畫。

Altogether, the reforms represent a meaningful step toward building a more responsible federal lending program, by curbing over borrowing and addressing unsustainable debt levels, the policy has the potential to slow the rising cost of higher education and provide stronger financial protection for families. These limits will take effect on July 1, 2026 for first-time borrowers. Those with existing loans will continue to have access to the PLUS programs and borrowings under the current uncapped limits.

總而言之，這些改革代表著朝著建立更負責任的聯邦貸款計劃邁出了有意義的一步，透過抑制過度借貸和解決不可持續的債務水平，該政策有可能減緩高等教育成本的上升並為家庭提供更有力的財務保障。對於首次借款人，這些限制將於 2026 年 7 月 1 日生效。現有貸款者將繼續可以享受 PLUS 計劃並在當前無上限限額下獲得借款。

It is worth noting that this transition may create a small short-term impact to originations. We are hearing that some schools and borrowers who previously chose private lending options are now opting for federal loans likely to secure access under the current terms.

值得注意的是，這種轉變可能會對起源產生輕微的短期影響。我們聽說，一些以前選擇私人貸款的學校和借款人現在選擇聯邦貸款，以便在現行條件下獲得貸款。

We are keeping a close eye on this trend and believe any near-term impact will be more than offset by the longer-term benefits of the policy changes. As the leading private student lender, we believe we are uniquely positioned to serve students and families and support our school partners through this period of transition.

我們密切關注這一趨勢，並相信任何短期影響都將被政策變化的長期利益所抵消。作為領先的私人學生貸款機構，我們相信我們擁有獨特的優勢，可以為學生和家庭提供服務，並支持我們的學校合作夥伴度過這段過渡時期。

Based on the final legislation, we anticipate that the new federal lending limits could generate an additional $4.5 billion to $5 billion in annual private education loan origination volume for Sallie Mae once the transition from the previous programs are fully realized.

根據最終立法，我們預計，一旦從先前的計劃完全過渡，新的聯邦貸款限額每年可以為 Sallie Mae 帶來額外的 45 億至 50 億美元的私人教育貸款發放。

Because the reforms officially take effect in July of next year and existing borrowers are grandfathered into the current programs, the volume impacts will build over time. As undergraduate degrees typically take about four years to complete, we expect to realize approximately one-fourth of the incremental volume from Parent PLUS in each academic year after implementation.

由於改革將於明年 7 月正式生效，現有借款人將不受限制地納入現行計劃，因此其數量影響將隨著時間的推移而增加。由於本科學位通常需要大約四年才能完成，我們預計在實施後的每個學年將從 Parent PLUS 中實現約四分之一的增量。

Similarly, graduate studies last approximately three years on average. And so we expect to realize between a third and half of the Grad PLUS incremental volume opportunity each academic year. It's also important to note that the impact in 2026 will be muted since the changes are not being implemented until the second half of the year. As a result, while we anticipate an impact next year, the bigger impacts are expected to be in 2027, and beyond. We have engaged in significant readiness planning for this change.

同樣，研究生學習平均持續約三年。因此，我們期望每個學年實現三分之一到二分之一的 Grad PLUS 增量機會。值得注意的是，由於這些變更要到下半年才會實施，因此 2026 年的影響將會很小。因此，雖然我們預計明年就會產生影響，但更大的影響預計會在 2027 年及以後。我們已經為這項變更做好了充分的準備規劃。

As part of our planning, we've been evaluating potential funding strategies. We are confident we could meet this demand, leveraging our current approach, balancing moderate balance sheet growth with strategic loan sales to effectively manage this volume.

作為我們規劃的一部分，我們一直在評估潛在的融資策略。我們有信心能夠滿足這一需求，並利用我們目前的方法，平衡適度的資產負債表成長和策略性貸款銷售，以有效地管理這一數量。

However, as we have mentioned more recently, we are actively exploring new alternative funding partnerships in the private credit space. This ideally would offer a scalable and efficient structure to support growth while preserving balance sheet capacity and delivering more predictable returns over time.

然而，正如我們最近提到的，我們正在積極探索私人信貸領域的新替代融資合作夥伴關係。理想情況下，這將提供一個可擴展且高效的結構來支持成長，同時保持資產負債表容量並隨著時間的推移提供更可預測的回報。

While we are less interested in a simple forward flow arrangement, a structure that allows us to marry capital efficiency with long-term predictable earnings would be attractive. We expect to leverage a combination of these funding options and are evaluating the optimal mix.

雖然我們對簡單的遠期流動安排不太感興趣，但允許我們將資本效率與長期可預測收益結合的結構將是有吸引力的。我們希望利用這些融資選擇的組合，並正在評估最佳組合。

We remain committed to our strategy of delivering mid- to high single-digit private student loan portfolio growth supported by loan sales and other structures with a goal of delivering EPS growth in line with recent years.

我們將繼續致力於我們的策略，即透過貸款銷售和其他結構的支持，實現中高個位數的私人學生貸款組合成長，目標是實現與近年來一致的每股收益成長。

As was the case two years ago, we currently plan to hold an investor forum before the close of the year, where we will provide a longer-term framework aims to highlight our strategic priorities around anticipated originations growth, and optimal funding strategies.

與兩年前的情況一樣，我們目前計劃在年底前舉辦一次投資者論壇，我們將在論壇上提供一個長期框架，旨在強調我們圍繞預期發起成長和最佳融資策略的策略重點。

Let me finish by affirming our guidance for the year. While we continue to closely monitor developments in the higher education landscape and volatility in the broader macroeconomic environment, our results to date reflect the strength of our core business, the resilience of our customer base and the disciplined execution of our strategic priorities. In addition, we continue to optimize our strategies to maximize our in-year performance.

最後，請容許我確認我們今年的指導方針。雖然我們繼續密切關注高等教育領域的發展和更廣泛的宏觀經濟環境的波動，但我們迄今為止的業績反映了我們核心業務的實力、客戶群的彈性以及我們戰略重點的嚴格執行。此外，我們將繼續優化我們的策略，以最大限度地提高我們的年內業績。

With that, Pete, why don't we go ahead and open up the call for some questions.

皮特，既然如此，我們何不繼續討論一些問題呢？

(Operator Instructions) Thank you. Rick Shane, JPMorgan.

（操作員指示）謝謝。摩根大通的里克·沙恩。

Hey guys, thanks for taking my questions this afternoon. First, can we talk a little bit about the loan sale -- the $1.8 billion loan sale described in the third quarter. Can you help us sort of narrow the channel markers in terms of gain on sale margin in 2024, average gain on sale margin was just below 7%. First quarter this year, it was 9.4%. Where are we sort of in that range for this transaction?

嘿，大家好，感謝你們今天下午回答我的問題。首先，我們可以談談貸款銷售情況嗎？ ——第三季所描述的 18 億美元貸款銷售情況。您能否協助我們縮小 2024 年銷售利潤率的通路標記，平均銷售利潤率略低於 7%。今年第一季度，這一比例為9.4%。對於這筆交易，我們處於什麼範圍？

I'd say we're in line with our expectations when we set guidance for this year. I think, obviously, the rates environment changed a little bit since we did the first-quarter loan sale. And as a result, the pricing is adjusted modestly from what we attained earlier in the year, but we're very pleased with the execution of the transaction.

我想說，我們為今年設定的指導方針符合我們的預期。我認為，自從我們進行第一季貸款銷售以來，利率環境顯然發生了一些變化。因此，與今年稍早的價格相比，價格略有調整，但我們對交易的執行非常滿意。

Got it. Okay. And then just two other quick questions. historically or generally speaking, you guys have done two loan sales a year. There have been years where you've done more. As we think about our 2025 number, should we assume a sale in the fourth quarter? Or should we see the $3.8 billion you guys have done is sort of the total for the year?

知道了。好的。然後還有兩個簡單的問題。從歷史上看，或者一般來說，你們每年都會進行兩次貸款銷售。有幾年你做得更多了。當我們考慮 2025 年的數字時，我們是否應該假設第四季的銷售額？或者我們應該把你們所做的 38 億美元看作是今年的總額嗎？

I think we'll continue to sort of monitor as we go into the latter part of this year, we'll see how peak season is shaping up. We'll look at our results of our capital stress testing that we do in the fall and what that implies for, capital levels we'll be carrying into next year, and we'll evaluate accordingly.

我認為，隨著今年下半年的到來，我們會繼續進行監測，看看旺季的進展。我們將研究秋季進行的資本壓力測試的結果，以及這對明年的資本水準意味著什麼，並進行相應的評估。

Got it. And then last question for me, and I apologize for so many. But the net charge-off rate for loans and repayment after trending down for four quarters in a row, ticked up in the second quarter on a year-over-year basis.

知道了。這是我的最後一個問題，我為這麼多問題道歉。但貸款和還款淨沖銷率在連續四個季度呈現下降趨勢後，第二季則是年增。

It's a fairly significant reversal. And again, you talked a little -- you alluded to forbearance related to the wildfires, that -- I'm having a hard time sort of dimensionalizing or putting that particular cohort of borrowers and having that explain the change that we've seen in the loss rate. Can you help me understand that a little bit better?

這是一個相當重大的逆轉。再說一次，您談到了與野火有關的寬容，我很難對這特定借款人群體進行量化或定位，也很難用這來解釋我們在損失率中看到的改變。你能幫助我更好地理解這一點嗎？

Yeah, Rick, happy to. So when there is a FEMA declared national disaster, we have a series of programs and protocols in place to provide assistance to borrowers, both reactively if borrowers call in, but also in circumstances -- certain circumstances proactively recognizing that some borrowers don't have access to communication and we would not want something like a hurricane, a wildfire, a flood to negatively impact someone's ability to maintain a lending relationship with the company.

是的，里克，很高興。因此，當聯邦緊急事務管理署宣布發生國家災難時，我們會制定一系列計劃和協議來向借款人提供援助，既包括借款人打電話時的反應援助，也包括在某些情況下主動援助，因為有些借款人無法獲得溝通，我們不希望颶風、野火、洪水等事件對某些借款人維持與公司的借貸關係的能力產生負面影響。

Typically, those natural disasters are smaller blips on the radar and things that you would sort of scarcely notice in the context of the timing of net charge offs, but because we offer sort of 60 to 90 days forbearance in those cases and it kind of puts customers into stasis, you can move, a charge off that would have happened into the first quarter, say, into the second quarter.

通常，這些自然災害在雷達上只是小光點，在淨沖銷的時間背景下你幾乎不會注意到，但因為我們在這些情況下提供 60 到 90 天的寬限期，這會讓客戶處於停滯狀態，你可以將原本在第一季發生的沖銷轉移到第二季度。

And so that's sort of the mechanics of it. I think what's unique about the California wildfires is that this was the first time that such a wide area and a densely populated area was impacted. And so I think the impact was larger in this case than it would have normally been in a more typical natural disaster situation. But we can obviously track the specific customers who we gave that forbearance to.

這就是它的機制。我認為加州山火的獨特之處在於，這是第一次影響如此廣泛的區域和人口密集的地區。因此，我認為這次災害的影響比典型的自然災害還要大。但我們顯然可以追蹤那些我們給予寬容的具體客戶。

We can understand how they sort of are progressing through delinquency we can sort of anticipate which ones likely would have charged off post facto without the forbearance, and we feel very comfortable that the slight uptick that Pete described in his comments, was it attributable to that population.

我們可以了解他們的違法行為是如何發展起來的，我們可以預測哪些人可能會在沒有寬容的情況下事後註銷，我們感到非常欣慰的是，皮特在他的評論中描述的輕微上升是歸因於那個人群。

Okay, great. Thank you very much, Jonathan.

好的，太好了。非常感謝，喬納森。

Terry Ma, Barclays.

巴克萊銀行的馬特里 (Terry Ma)。

Hey, thank you. Good evening. So it sounds like the changes to federal lending potentially create a lot of upside from private market and in turn Sallie Mae, and it gives you a lot of optionality. If I kind of go back to the last investor forum, you guys kind of laid out a 5-year plan with high single-digit receivables growth and double-digit EPS growth.

嘿，謝謝你。晚安.因此，聽起來聯邦貸款的變化可能會為私人市場和 Sallie Mae 帶來很多好處，並且給你很多選擇。如果我回顧上一次投資者論壇，你們制定了一個五年計劃，其中應收帳款增長率為個位數，每股收益增長率為兩位數。

I guess with the potential upside, like can that potentially kind of change and increase the algorithm? Like how are you guys thinking about that? Because you kind of called out the same algorithm before, but it seems like there's just a lot more upside to volume over time.

我猜想，如果存在潛在的好處，那麼這是否可能會改變並增加演算法？你們對此有何看法？因為你之前調用過相同的演算法，但似乎隨著時間的推移，交易量會有更多的上升空間。

Yeah. I think that the framework we laid out there is still relevant when evaluating this opportunity. And again, just kind of reiterating some of the points that Jon was making, we're really talking about a 2027 and beyond sort of growth opportunity profile because of the staging, but we still have the same sort of mindset around balance sheet growth.

是的。我認為我們在那裡制定的框架在評估這個機會時仍然適用。再次重申喬恩提出的一些觀點，我們實際上談論的是 2027 年及以後的成長機會，因為這是一個階段性目標，但我們對資產負債表成長仍然抱持著同樣的心態。

In light of this sort of step change in opportunity, we might trend towards the higher end of that sort of mid- to high single-digit growth of the balance sheet, again, reflecting constraints of capital and EPS impact of reserving in the period.

鑑於這種機會的階躍變化，我們可能會趨向於資產負債表的中高個位數成長的高端，這再次反映了資本的限制以及該時期儲備對每股收益的影響。

The investor appetite for loan sales has continued to sort of remain strong year in and year out, and we don't see any signs of that abating, and we're also looking at other types of sort of committed funding arrangements that we might do in the private credit space that will give us another tool in the toolkit to sort of optimize full return and ability to sort of meet as many customers and satisfy the needs of the customers as well as the schools.

投資者對貸款銷售的興趣年復一年地持續保持強勁，我們沒有看到任何減弱的跡象，我們也在研究在私人信貸領域可能採取的其他類型的承諾融資安排，這將為我們提供另一種工具來優化全額回報和滿足盡可能多的客戶以及滿足客戶和學校的需求。

Got it. And then maybe just on credit. I noticed the percentage of borrowers on extended grades dropped meaningfully this quarter. Any kind of color on how those borrowers are kind of performing as they exit? And then maybe just any color on the 30 to 59 day delinquency bucket that is kind of up meaningfully year-over-year? Thank you.

知道了。然後也許只是信用。我注意到本季延長貸款期限的借款人比例大幅下降。這些借款人在退出時的表現如何？那麼，也許 30 至 59 天拖欠率區間內的任何顏色都比去年同期顯著上升？謝謝。

Yeah, I think in general, I would say the trends that we're seeing in both delinquencies as well as sort of the Grace programs and the like really are following the normal seasonal trends that we would expect in the business.

是的，我認為總的來說，我們在拖欠債務以及寬限期計劃等中看到的趨勢確實遵循了我們預期的業務正常季節性趨勢。

We continue to be pleased with the performance of the loan mod programs and success rates there. We have not seen any sort of abnormal trends of increased pressure on folks as they come out of the extended grace program. So variations that we're seeing -- we're starting to sort of settle into what we think is going to be kind of our new kind of normal in terms of seasonality.

我們繼續對那裡的貸款修改計劃的表現和成功率感到滿意。我們並未看到人們在結束延長寬限期計畫後出現任何壓力增加的異常趨勢。因此，我們看到的變化——我們開始適應我們認為的季節性新常態。

Jeff Adelson, Morgan Stanley.

摩根士丹利的傑夫·阿德爾森。

Hey, good evening, thanks for taking my questions. I just wanted to make sure we understood the $4.5 billion to $5 billion number you put out there on what could potentially come your way once you're fully up and running, once we sort of lap the existing borrowers staying in the program, is that based on what you're seeing in today's run rate or is there any sort of expectation for growth and not borrower cohort versus what you're seeing today? And I guess, just given the dynamic you identified on the a third, a third, a third and a quarter, a quarter, a quarter for Parent PLUS, is that a good ['28, '29] number to be thinking about?

嘿，晚上好，感謝您回答我的問題。我只是想確保我們理解您所說的 45 億美元到 50 億美元的數字，這個數字指的是一旦您完全啟動並運行，一旦我們讓現有的借款人留在該計劃中，您可能會獲得多少資金，這是基於您今天看到的運行率，還是對增長有任何預期，而不是對借款人群體與今天看到的相比？我想，考慮到您所確定的 Parent PLUS 三分之一、三分之一、三分之一和四分之一、四分之一、四分之一的動態，這是一個值得考慮的 ['28, '29] 數字嗎？

Yeah, Jeff, let me take a crack at it. First of all, we have not assumed in those numbers, a material change to our credit buy box. And obviously, every year, we optimize our strategies a little bit. We might do some more of that, but this is consistent with our current risk appetite and our current credit buy box.

是的，傑夫，讓我嘗試一下。首先，我們沒有假設這些數字會對我們的信用購買框產生重大變化。顯然，每年我們都會稍微優化我們的策略。我們可能會做更多這樣的事，但這符合我們當前的風險偏好和當前的信用購買框架。

We have applied over time to our estimates sort of an expectation of sort of the likely growth in average which, we do whenever we do multi-year out year projections, so you know I'm not sure if that was part of your question as well, but that goes into sort of the mechanics of what we do -- and then yes, I think sort of we try to lay out the broad parameters, but I think the way that I would think about it is next year, we will see sort of a half a year impact on sort of the freshman undergraduate class in the first year to a graduate student class.

隨著時間的推移，我們已經將對平均可能增長的預期應用到我們的估計中，每當我們進行多年預測時，我們都會這樣做，所以我不確定這是否也是你問題的一部分，但這涉及到我們工作的機制 - 是的，我認為我們試圖列出廣泛的參數，但我認為我會這樣想，明年，我們將看到對一年級新生本科班到研究生班的半年影響。

And I think based on those average times to complete degree, you would expect those to load sort of over the -- sort of the two to three to four year period thereafter. So we try to give you sort of what we think are the basic modeling inputs to that. But I think the basic logic of what you laid out is correct.

我認為，根據完成學位的平均時間，你可以預期這些時間會在之後的兩到三年到四年內完成。因此，我們嘗試向您提供我們認為的基本建模輸入。但我認為你所闡述的基本邏輯是正確的。

Okay. Thanks for that. And I guess just to circle back on the private credit exploration here. You've laid out how you kind of want to keep the EPS growth in line with where it's been in recent years. Can you maybe give us any way that you're thinking about the different -- the P&L impacts you're maybe considering here what you're maybe willing to trade-off on take rate in order to have a more efficient cost structure, a more efficient funding structure.

好的。謝謝。我想我們再回到這裡的私人信貸探索。您已經闡述瞭如何讓每股盈餘成長與近年來的水準保持一致。您能否告訴我們，您對不同之處有何看法 - 您可能正在考慮損益表的影響，您可能願意在接受率上做出權衡，以便擁有更高效的成本結構，更有效率的融資結構。

I mean the one pushback sometimes we get is you get a really nice gain on sale today with the existing structure. So are you going to have to sacrifice economics to do that? Or how are you thinking about that? Thank you.

我的意思是，我們有時會遇到的一個阻力是，在現有結構下，今天的銷售會為你帶來非常可觀的收益。那麼，為了做到這一點，你是否必須犧牲經濟利益呢？或者您對此有何看法？謝謝。

Yeah, Jeff. Look, a couple of thoughts. Obviously, I'm not going to go into great detail because as we have said, we're in ongoing discussions and I think would be inappropriate and probably counterproductive for me to go into too much detail.

是的，傑夫。看，有幾個想法。顯然，我不會講得太詳細，因為正如我們所說，我們正在進行討論，我認為講得太詳細是不合適的，而且可能會適得其反。

But I think my view on this is the following: we have a wonderful asset class, the loans that we produce not only serve an incredibly important societal function, but our borrowers are incredibly successful, the sort of losses on the loans are extremely sort of attractive as a result of that success, the sort of duration and the sort of structure of those loans is really well suited to structures that a lot of our private -- or potential private credit partners might want to explore.

但我認為我對此的看法如下：我們擁有一個極好的資產類別，我們發放的貸款不僅發揮著極其重要的社會功能，而且我們的借款人也非常成功，由於這種成功，貸款的損失非常有吸引力，這些貸款的期限和結構非常適合我們的許多私人或潛在的私人信貸合作夥伴可能想要探索的結構。

And we are the leading market share player in the space. And so when it comes to sort of private student loans and private credit partnerships, I don't think it is at all arrogant for me to say that I think we are a great partner. I think what we offer is really unique.

我們是該領域市場佔有率領先的企業。因此，當涉及私人學生貸款和私人信貸合作夥伴關係時，我認為說我們是一個很好的合作夥伴，這一點也不傲慢。我認為我們提供的產品確實非常獨特。

And we are, in many respects, the last or the only game in town in terms of a really scalable partner who can serve sort of back counterparty relationship. So with that in mind, I am very open to different financial and economic structures to fund this incredibly high-quality and important asset.

從很多方面來看，我們是城裡最後一個或唯一一個能夠提供真正可擴展的合作夥伴、能夠為交易對手提供某種支持關係的合作夥伴。因此，考慮到這一點，我非常願意接受不同的金融和經濟結構來資助這項極其高品質和重要的資產。

But my view is we have a really good sense and a really good benchmark of what the lifetime value of these loans are, of course, discounted back in time. And I don't see any reason why we should be willing to accept financial terms that on a lifetime value basis are materially different from what we might get through different avenues.

但我的觀點是，我們對這些貸款的終身價值有著非常好的認識和一個很好的基準，當然，這些貸款的終身價值是經過時間折算的。而我看不出有任何理由讓我們願意接受與我們透過不同途徑獲得的終身價值有實質差異的財務條款。

Now with that said, I think we all recognize the volatility that comes from loan sales. There were good questions about that earlier in the call. By the way, I think we've talked at length about the fact that while we love our bank and we love the growth of our bank balance sheet, it is a more capital sort of intensive way to grow the business, especially when you include the loan loss reserves under CECL.

話雖如此，我想我們都認識到貸款銷售帶來的波動性。在之前的通話中，我們已經提出了一些很好的問題。順便說一句，我想我們已經詳細討論過這樣一個事實：雖然我們熱愛我們的銀行，也喜歡我們的銀行資產負債表的增長，但這是一種更加資本密集的業務增長方式，特別是當你將 CECL 下的貸款損失準備金包括在內時。

So I do think there is a one plus one equals three opportunity for us to develop a complementary funding sort of partnership here. I think that's what Pete's tried to lay out over time. We think we're a great partner, and we think we should expect attractive economics in that partnership as well as potentially providing great value if such a partnership emerged.

因此，我確實認為，我們在這裡建立一種互補的融資夥伴關係，這是一個「一加一等於三」的機會。我認為這就是 Pete 一直以來試圖闡明的。我們認為我們是一個很好的合作夥伴，我們認為我們應該期待這種合作關係中具有吸引力的經濟效益，並且如果這種合作關係出現的話，還可能提供巨大的價值。

Great. That's great color. Thanks so much. Take care.

偉大的。顏色真棒。非常感謝。小心。

Moshe Orenbuch, TD Cowen.

Moshe Orenbuch，TD Cowen。

Great, thanks. And Jon, it seems to me that if you're talking about a $4.5 billion to $5 billion opportunity that would phase in over several years, most of it over two to three years, that would probably be consistent with just the normal expansion that you could expect from your normal loan sales, if you wanted to.

太好了，謝謝。喬恩，在我看來，如果你談論的是一個 45 億美元到 50 億美元的機會，這個機會將在幾年內逐步實現，其中大部分將在兩到三年內實現，這可能與你從正常貸款銷售中預期的正常擴張一致，如果你願意的話。

And I understand the comments you made about seeking other structures. Just wondering if as you do that, would some of those structures potentially expand that $4.5 billion to $5 billion by being willing to address some of the areas that you might not want to underwrite for your own balance sheet?

我理解您關於尋求其他結構的評論。只是想知道，如果您這樣做，這些結構中是否有可能透過解決您可能不想在自己的資產負債表上承保的一些領域，將 45 億美元擴大到 50 億美元？

Moshe, it's a great question. Again, so there's no confusion. We did not include anything like a balance sheet expansion in the $4.5 billion to $5 billion we gave you. But yeah, I mean, at the end of the day, we sort of have gauged our buy box today off of the economic model defined by our bank. And that bank has a certain capital structure, it has a certain loan loss reserve structure, it has a certain expense structure.

莫舍，這是一個很好的問題。再次強調，這樣就不會造成混淆。我們給你們的 45 億至 50 億美元中並沒有包括任何類似資產負債表擴張的資金。但是的，我的意思是，到最後，我們已經根據銀行定義的經濟模型來衡量今天的購買量。該銀行有一定的資本結構，有一定的貸款損失準備金結構，有一定的費用結構。

It has a certain expectation of return on equity. And by the way, you know how committed I am to capital allocation and strong ROEs. And so that has led us to what we think is a great answer where the bank is sort of the stocking horse on how we fund the loans.

對股本報酬率有一定的預期。順便說一句，您知道我對資本配置和強勁的 ROE 有多麼重視。因此，我們認為這是一個很好的答案，即銀行是我們如何為貸款提供資金的儲備機構。

I think it is entirely possible that over time, different partnership -- our partners may come forward, different structures may emerge that make other sort of parts of the credit spectrum more attractive to us to originate and just fund in a different way.

我認為，隨著時間的推移，完全有可能出現不同的合作夥伴關係——我們的合作夥伴可能會出現，不同的結構可能會出現，這使得信貸範圍的其他部分對我們更有吸引力，讓我們以不同的方式發起和融資。

So we've not built any of that in. I think it's probably premature for us to conjecture on is that a small, big, medium-sized opportunity and I think, candidly, probably too premature for us to comment on sort of the timing of any type of expansion. But yeah, I think we would certainly be open to that and I think logic would dictate that, that's certainly a conceivable outcome.

因此我們還沒有建立任何這些內容。我認為我們現在猜測這是一個小型、大型還是中型的機會可能還為時過早，而且坦率地說，我們現在就評論任何類型擴張的時機可能還為時過早。但是的，我認為我們肯定會對此持開放態度，而且我認為邏輯會決定這一點，這肯定是一個可以想像的結果。

Okay. Thanks very much.

好的。非常感謝。

Mark DeVries, Deutsche Bank.

德意志銀行的馬克‧德弗里斯。

Yeah, thanks. Just a couple more clarifying questions on the market opportunity here. For the $4.5 billion to $5 billion of incremental kind of opportunity you see for Sallie Mae, are you assuming kind of a comparable market share of the new addressable market that you've had recently kind of in the 60%-plus range?

是的，謝謝。這裡我只想再澄清幾個有關市場機會的問題。對於您所看到的 Sallie Mae 的 45 億至 50 億美元的增量機會，您是否認為您最近在新目標市場中的市場份額大約在 60% 以上？

Yes.

是的。

Okay. Simple enough. And then as we think about the incremental volume that comes on over and above what you would have planned for originally. Is there a percentage of that volume that we should think of as you kind of needing to sell versus retain to kind of maintain capital sufficiency going forward?

好的。夠簡單了。然後，我們再考慮一下超出最初計劃的增量量。我們是否應該考慮需要出售還是保留其中的一定比例，以維持未來的資本充足率？

Yeah. Again, as I said on -- in answering a prior question, our framework that we laid out in 2023 had kind of mid- to high single-digit balance sheet growth of the bank and loan sales used to moderate sort of the size of the bank balance sheet.

是的。再次，正如我在回答之前的問題時所說的那樣，我們在 2023 年制定的框架具有中等到高個位數的銀行資產負債表增長，並且貸款銷售額可以緩和銀行資產負債表的規模。

I think with this size of a volume opportunity, I think you could see us potentially pushing the growth rate of the bank up, still single digits but in kind of higher single digits and continuing to sort of size loan sales or other funding mechanisms that Jon talked about earlier as the alternative funding mechanisms besides the bank.

我認為，憑藉這種規模的交易機會，您可以看到我們有可能提高銀行的成長率，仍然是一位數，但處於更高的一位數，並繼續擴大貸款銷售或其他融資機制的規模，喬恩之前談到過，這是除銀行之外的替代融資機制。

Okay. Great. And then one of the questions we've been getting from investors is whether this new kind of expanded opportunity is going to make the market more attractive all of a sudden and attract new competitors.

好的。偉大的。然後，我們從投資者那裡得到的一個問題是，這種新的擴展機會是否會突然讓市場變得更有吸引力並吸引新的競爭對手。

Maybe, Jon, just kind of talk about how you think this new broader opportunity ultimately gets distributed. And what, if any, kind of barrier centuries are there that I think will enable you to really kind of protect your market share.

喬恩，也許你只是談談你認為這個新的、更廣泛的機會最終會如何分配。如果有的話，幾個世紀以來存在什麼樣的障礙，我認為可以讓你真正保護你的市場份額。

Mark, thanks. To put it in context, I think rough justice, this probably comes close to sort of doubling, maybe not quite the sort of total market size, depending on what kind of credit discount you want to apply to that. So it's a meaningful increase in the overall sort of size of the market when fully implemented. It is still a very small market when you put it up against other consumer credit classes. And so whether or not that attracts lots of other competitors or just some other competitors.

馬克，謝謝。具體來說，我認為粗略地說，這可能接近翻倍，但可能不完全是整個市場規模，這取決於你想應用什麼樣的信用折扣。因此，一旦全面實施，整個市場規模將顯著增加。與其他消費信貸類別相比，這仍然是一個非常小的市場。那麼這是否會吸引許多其他競爭對手或只是一些其他競爭對手。

I think time will tell. But I think the more important thing is, look, we are incredibly confident in our ability to compete and win and help service our important university partners and these students who are looking for access to and completion of their higher education. We have really better data and credit insights, we have incredibly sort of at-scale systems and marketing engines.

我想時間會證明一切。但我認為更重要的是，我們對自己競爭和獲勝的能力充滿信心，並幫助我們重要的大學合作夥伴和那些尋求獲得和完成高等教育的學生。我們擁有真正更好的數據和信用洞察力，我們擁有令人難以置信的大規模系統和行銷引擎。

I think we have school relationships and a reputation with the schools of being a constant and persistent partner that they can count on to support their businesses at volume. And so whether or not it attracts more competition or not, I feel great about our ability to compete and win help our university partners be successful and help these students and their families be successful.

我認為我們與學校有著良好的關係，並且與學校享有良好的聲譽，我們是學校可以信賴的長期合作夥伴，可以為他們的業務提供大量支援。因此，無論它是否會吸引更多的競爭，我對我們的競爭和勝利的能力感到非常滿意，這有助於我們的大學合作夥伴取得成功，並幫助這些學生和他們的家人取得成功。

Okay, great. Thank you.

好的，太好了。謝謝。

Michael Kaye, Wells Fargo.

麥可凱耶，富國銀行。

I just had another follow-up on that private partnership. I know you're still working on it, but what's the timing goal to get something like this potentially done. Would this be before the federal loan reform takes place next year?

我剛剛對該私人合作關係進行了另一次跟進。我知道您仍在努力，但完成這樣的事情的時間目標是什麼？這會發生在明年聯邦貸款改革實施之前嗎？

Yeah. Ideally, we would have that fully in place before any of the additional volume comes. We started thinking about this in the context of a supplement to our existing loan sales in context of our existing sort of business strategic framework.

是的。理想情況下，我們應該在任何額外產量到來之前就把這一切完全落實到位。我們開始在現有業務策略框架下，在現有貸款銷售的補充背景下考慮這個問題。

And I would say the additional volume opportunity that's now being presented with this reform is maybe an accelerant to our efforts in order to be ready. So we'll continue to work on it. We'll announce it when we've got something to announce.

我想說的是，這項改革帶來的額外產量機會也許可以加速我們準備好的努力。因此我們會繼續努力。當我們有事情要宣佈時，我們就會宣布。

And then the partnership, would this just be these new incremental loans as part of this reform? Or would this be across like the whole stack, everything you originate, including the undergrad that you currently focus on today?

那麼合作關係是否只是改革的一部分新增貸款？或者這是否涵蓋整個堆棧，您所發起的所有內容，包括您目前關注的本科生？

Yeah, I think it's broadly an alternative funding mechanism for all originations of the firm.

是的，我認為這大體上是公司所有起源的替代融資機制。

Okay. And then add another quick question on the loan modifications. I mean you've made a lot of enrollments and loan mods in the first half of last year. So like what do you -- what siding prepare these borrowers when these long logs and two years from then, which will be the first half of next year.

好的。然後再增加另一個有關貸款修改的快速問題。我的意思是，去年上半年你們招收了很多學生，也修改了許多貸款。那麼，當這些長期借款人面臨兩年多的時間，也就是明年上半年時，你會為他們做哪些準備呢？

Again, we're -- we've made some tweaks over time to the enrollment mechanisms for the loan mod programs as well as looking at performance of the borrowers in the programs, and we feel really good about the success rates that we're seeing and feel confident that the programs as designed are performing as we would have expected. And we are expecting that also similar to the performance while in program, it's going to be the right sort of blind path to get them back in good payment patterns once they emerge at the end of the temporary mod.

再次，我們 - 我們對貸款修改計劃的登記機制進行了一段時間的調整，並關注了借款人在計劃中的表現，我們對所看到的成功率感到非常滿意，並有信心這些計劃的執行情況正如我們預期的那樣。我們預計，這也與計劃期間的表現類似，一旦他們在臨時模式結束時出現，這將是讓他們恢復良好付款模式的正確的盲路。

Okay. Thank you.

好的。謝謝。

Sanjay Sakhrani, KBW.

Sanjay Sakhrani，KBW。

Thank you. Going back on credit quality and some of those California impacts. As we think about the next couple of quarters, do you not expect a significant impact? Is there specific data points that sort of give you confidence that you won't see them? And does credit have to perform better in the second half versus the first half to sort of hit your targeted range?

謝謝。回顧信貸品質和加州的一些影響。當我們考慮接下來的幾個季度時，您是否預計不會產生重大影響？是否存在特定的數據點讓您確信您不會看到它們？信貸在下半年的表現是否必須比上半年更好才能達到您的目標範圍？

Yeah. Again, just kind of reiterating the point that we were trying to make around this. We viewed it more as a shift quarter-to-quarter within the first half of the year. When you look at the year-to-date performance on net charge-offs, it's right in line with our expectations, maybe even a little -- a few basis points better. And that gives us confidence in our sort of longer-term journey and gives us confidence in terms of reaffirming our guidance for the full year.

是的。再次重申我們試圖表達的觀點。我們認為這更像是上半年逐季度的變化。當您查看年初至今的淨沖銷表現時，它完全符合我們的預期，甚至可能好一點——好幾個基點。這讓我們對我們的長期發展充滿信心，也讓我們有信心重申我們對全年的指導。

Okay. And Jon, just that $4 billion to $5 billion incremental, how much of it is Grad PLUS versus Parent PLUS? I mean, is it probably the bulk of it is Grad PLUS. I'm just trying to think about how to dimensionalize that one-third and quarter stat that you gave?

好的。喬恩，那 40 億到 50 億美元的增量中，有多少是屬於 Grad PLUS，有多少是屬於 Parent PLUS？我的意思是，它的大部分可能都是 Grad PLUS。我只是想知道如何將您給出的三分之一和四分之一統計數據維度化？

I am not sure we've divulged those numbers, but it is two-thirds Grad PLUS, it is one-third Parent PLUS.

我不確定我們是否透露了這些數字，但三分之二是 Grad PLUS，三分之一是 Parent PLUS。

Okay, great. Thank you.

好的，太好了。謝謝。

Yes. And that's approximately obviously.

是的。這顯然是差不多的。

Got it. Thanks.

知道了。謝謝。

Giuliano Bologna, Compass Point.

朱利亞諾·博洛尼亞，指南針點。

Good afternoon, I'll address congrats on the results. Maybe jumping off and expanding on that -- the topic of this $1.5 billion to $5 billion. As you just mentioned, it's all two-thirds ads or somewhere in that ZIP code. When I think about that transition, historically, been 8%, 9% graduate loan originations from a mix perspective. And having a disproportionate large growth in grad will obviously shift to the next your balance sheet.

下午好，我要對所取得的成果表示祝賀。也許可以從這個主題開始並進一步擴展——這個 15 億美元到 50 億美元的話題。正如您剛才提到的，全部三分之二都是廣告，或位於該郵遞區號的某個地方。當我思考這種轉變時，從歷史上看，從混合角度來看，畢業生貸款發放率為 8% 至 9%。畢業生人數不成比例的大幅成長顯然會轉移到你的資產負債表上。

Would you consider selling loans in a different way or selling Grad ones separately going forward as a way to kind of keep your mix where it is -- and then how should we think about those loans on a relative basis versus kind of your current core loans? Are they -- how much sort of duration are they? How much lower the yield be? And just thinking about some rough parameters in for exact numbers here.

您是否會考慮以不同的方式出售貸款或單獨出售 Grad 貸款，以保持您的貸款組合不變 - 然後我們應該如何看待這些貸款與您當前的核心貸款之間的相對關係？它們的持續時間是多久？收益率會低多少？這裡只是考慮一些粗略的參數以獲得精確的數字。

Yes. I'll take a crack at it and Joh can jump in if he thinks I've missed any of the key points. I think the existing grad programs we have are a small part of our book. And the primary competitor we have currently is the federal program.

是的。我會嘗試一下，如果 Joh 認為我遺漏了任何關鍵點，他可以介入。我認為我們現有的研究生課程只是我們書籍的一小部分。我們目前的主要競爭對手是聯邦計劃。

And so as we started looking at trying to seize this opportunity, we've got some bureau data about the federal programs, and we tried to parse and understand a little bit about the credit quality of both the Parent PLUS opportunity in the context of undergrad and the opportunity in the grad space.

因此，當我們開始考慮抓住這個機會時，我們獲得了一些有關聯邦計劃的局數據，並嘗試分析和了解本科生背景下的 Parent PLUS 機會和研究生領域機會的信用質量。

Our best view based on that data is that the credit profile is largely similar to what we've currently been underwriting at a small scale in our existing programs. And quite honestly, the grant product is a lower loss product, a higher return product.

根據這些數據，我們的最佳看法是，信用狀況與我們目前在現有計劃中小規模承保的信用狀況大致相似。坦白說，贈款產品是一種損失較低、回報較高的產品。

If you think about that, these are typically people that have -- well, they obviously have an underground degree, but they've worked for some period of time. They have a credit profile. And they are also very committed to pursuing a higher education on the basis of assuming that, that's going to get them a higher earning career going forward. So I would say, broadly, it's going to perform better than the undergrad does broadly.

如果你仔細想想，這些人通常都是——嗯，他們顯然擁有地下學位，但他們已經工作了一段時間。他們有信用檔案。他們也非常致力於追求高等教育，因為他們認為這將為他們未來的職業帶來更高的收入。所以我想說，整體來說，它的表現會比本科生更好。

And depending on the nature of the programs, the repayment will be different as well. And I think the mix there matters, business school tends to be shorter and probably the payback is quicker versus Med program, which is much more intensive, longer course of study, higher average balances outstanding and therefore, a longer repayment period. So until we have some real sort of underwriting data on the actual volumes. It's going to be hard for us to give you a lot more than sort of the benchmarks that we've given so far.

並且根據計劃的性質，償還金額也會有所不同。我認為其中的混合很重要，商學院的學習時間往往較短，因此回報可能也比醫學課程更快，因為醫學課程更加密集，學習時間更長，平均未償還餘額更高，因此還款期也更長。因此，直到我們獲得有關實際數量的一些真實承保數據為止。對我們來說，很難給你比我們迄今為止給出的基準更多的資訊。

That's very helpful. And one thing just to ensure understanding to answer a previous question correctly. I think there's questions kind of implying sounds like you guys might be making a similar assumption market share was around 60%.

這非常有幫助。還有一件事只是為了確保理解並正確回答前面的問題。我認為這些問題聽起來像是你們可能做出了類似的假設，即市佔率約為 60%。

Is that just for the undergrad or Parent PLUS capture? Because in your prepared remarks, you referred to the grad out opportunity as being about one-third to half of the opportunity. I just want to make sure if that's the right way to look at it as a separate 60% underground and third task on the grad side?

這僅適用於本科生或家長 PLUS 嗎？因為在您準備好的發言中，您提到畢業機會大約佔機會的三分之一到二分之一。我只是想確認一下，將其視為研究生的單獨 60% 地下任務和第三項任務是否正確？

Yeah. Interestingly, the numbers aren't actually all that different. So as Pete said, the primary player in the grad space has been the federal government. We do grad lending today. The various data providers do provide out on -- or to provide data out on sort of the level of private grad loans.

是的。有趣的是，這些數字其實並沒有太大差異。正如皮特所說，研究生領域的主要參與者是聯邦政府。我們今天提供研究生貸款。各種數據提供者確實提供了有關私人研究生貸款水平的數據。

So if you look at the interval data, there's about $927 million a year. That's probably 2024 kind of number -- 2023, '24 number. And we did about $623 million of that. So quick math says that's about a 67% market share, so actually slightly more than, I think, what we would have done in the undergraduate space. But I think still in the same basic ballpark given that data, I think, is more directional than absolutely precise.

因此，如果你查看間隔數據，每年大約有 9.27 億美元。這大概是 2024 的數字——2023，'24 的數字。我們已投入約 6.23 億美元。簡單的計算表明，這大約佔到 67% 的市場份額，所以實際上比我們在本科領域的份額略高一些。但我認為，鑑於數據的方向性而非絕對精確性，因此基本情況仍然大致相同。

So there's not a whole lot of difference in our mind in our current market share, but between grad and undergrad. But I think Pete's point is really right. This is a fundamental sort of change in the way that graduate students and graduate schools will sort of fund their higher education.

因此，在我們看來，我們目前的市場份額並沒有太大差異，但研究生和本科生之間卻存在很大差異。但我認為皮特的觀點確實正確。這是研究生和研究生院資助高等教育方式的根本性變化。

It allows us to serve customers and sort of compete for business that was simply not available to us before. And -- but we don't see any reason why we shouldn't maintain our market share and sort of compete aggressively for that.

它使我們能夠為客戶提供服務，並在某種程度上爭奪以前根本無法獲得的業務。而且——但我們認為沒有理由不保持我們的市場份額並為此展開激烈競爭。

That is very helpful, and I appreciate all the answers. Thank you, and I'll jump back into the queue.

這非常有幫助，我感謝所有的回答。謝謝，我會重新回到隊列中。

This concludes the Q&A portion of today's call. I would now like to turn the floor over to Mr. Jon Witter for closing remarks.

今天電話會議的問答部分到此結束。現在我想請喬恩·維特先生作最後發言。

Well, thank you, everyone, for your time and attention today. Hopefully, you got a sense about sort of the pride we've taken in our second quarter and first-half performance. I hope you likewise sort of sensed the momentum that we expect to carry into the second half of the year.

好吧，謝謝大家今天的時間和關注。希望您能感受到我們對第二季和上半年表現的自豪感。我希望您也感受到我們預計在下半年延續的勢頭。

But really, most importantly, I hope you hear in our voice the excitement about us being able to work closely with our university partners, a new group of students, some of whom we've served before, some of whom we haven't, to really continue our mission of providing access to and completion of sort of financing for higher education.

但實際上，最重要的是，我希望你們從我們的聲音中聽到我們對能夠與我們的大學合作夥伴、一群新學生（其中一些我們以前服務過，一些我們以前沒有服務過）密切合作的興奮之情，以真正繼續我們的使命，為高等教育提供融資機會和完成融資。

We think this is a really important and pivotal moment for the company. We think this opens up an expanse of new strategic opportunities for us, and we look forward to continuing these discussions in the quarters and years ahead, recognizing these opportunities and sort of our excitement about pursuing them. So I hope everyone has a great rest of your day, and we look forward to talking to you next quarter, if not before. Thank you.

我們認為這對公司來說是一個非常重要且關鍵的時刻。我們認為這為我們開闢了廣闊的新的戰略機遇，我們期待在未來的幾個季度和幾年繼續進行這些討論，認識到這些機會並對追求這些機會感到興奮。因此，我希望大家今天過得愉快，我們期待下個季度（如果不是更早的話）與您交談。謝謝。

I'll now turn the call back over to Kate.

我現在將電話轉回給凱特。

Thanks, Jon. Thank you all for your time and questions today. A replay of this call and the presentation will be available on the Investors page at salliemae.com. If you have any further questions, feel free to contact me directly. This concludes today's call.

謝謝，喬恩。感謝大家今天抽出時間和提問。本次電話會議和簡報的重播將在 salliemae.com 的「投資者」頁面上提供。如有任何疑問，請隨時直接與我聯繫。今天的電話會議到此結束。

Thank you. This concludes today's Sallie Mae second-quarter 2025 earnings conference call and webcast. Please disconnect your line at this time, and have a wonderful evening.

謝謝。今天的 Sallie Mae 2025 年第二季財報電話會議和網路直播到此結束。請您此時斷開線路，祝您有個美好的夜晚。