SCHEDULE: Vanguard Group Discloses 11.03% Stake in SLM Corp

The Vanguard Group has filed an amended Schedule 13G, reporting an 11.03% beneficial ownership stake in SLM Corp, totaling 22,396,801 shares as of December 31, 2025.

Summary

• The Vanguard Group reported beneficial ownership of 22,396,801 shares of SLM Corp Common Stock.
• This represents 11.03% of the class of securities.
• Vanguard holds shared voting power over 1,549,290 shares and shared dispositive power over 22,396,801 shares.
• An internal realignment occurred on January 12, 2026, where The Vanguard Group, Inc. ceased performing portfolio management services and proxy voting.
• Certain subsidiaries or business divisions of Vanguard are expected to report beneficial ownership separately going forward.
• The securities were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control of SLM Corp.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral filing, primarily an administrative update on a significant passive ownership stake by a major institutional investor, with no direct positive or negative implications for SLM Corp's operational or financial performance.

Positives

• Vanguard's continued significant ownership (11.03%) indicates a long-term investment perspective in SLM Corp.
• The holding is for ordinary course of business, not for control, suggesting a passive investment.

Negatives

• No explicit negatives related to SLM Corp's performance are mentioned in this filing.
• The internal realignment at Vanguard could lead to disaggregated reporting, potentially making it harder to track the aggregate Vanguard position in the future, though this is an administrative change for Vanguard rather than a direct negative for SLM Corp.

Risks

• The filing does not detail specific risks related to SLM Corp. It only states that Vanguard's clients have the right to receive dividends or proceeds from the sale of securities, implying market risk for those clients.

Future Outlook

The Vanguard Group, Inc. anticipates that certain subsidiaries or business divisions will report beneficial ownership separately (on a disaggregated basis) from The Vanguard Group, Inc. in reliance on SEC Release No. 34-39538 (January 12, 1998), following an internal realignment on January 12, 2026. These subsidiaries and/or business divisions will pursue the same investment strategies as previously.

Management Comments

• "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."
• "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."
• "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."

Industry Context

StockSavvy.ai notes that large institutional investors like The Vanguard Group frequently hold significant passive stakes in publicly traded companies as part of their broad index-tracking or diversified investment strategies. This filing reflects Vanguard's continued substantial, albeit passive, investment in SLM Corp, a major player in the student loan industry. The internal realignment at Vanguard is an operational change within the investment giant, not directly related to SLM Corp's industry position, but it signifies a shift in how Vanguard's aggregate holdings might be reported in the future.

Stakeholder Impact

• Shareholders: The continued significant ownership by a major institutional investor like Vanguard may provide a degree of stability and confidence, although the internal realignment at Vanguard could lead to more fragmented reporting of its overall stake.
• Employees, Customers, Suppliers, Creditors: No direct impact is indicated by this beneficial ownership filing.

Next Steps

• Certain subsidiaries or business divisions of The Vanguard Group, Inc. are anticipated to report beneficial ownership separately (on a disaggregated basis) from The Vanguard Group, Inc. in reliance on SEC Release No. 34-39538.

Key Dates

Recommendation

This Schedule 13G filing primarily serves as a disclosure of a significant, passive ownership stake by The Vanguard Group in SLM Corp. It indicates that Vanguard continues to hold a substantial position (11.03%) for ordinary business purposes, without intent to influence control. The internal realignment within Vanguard is an administrative change for the reporting entity and does not inherently alter the investment thesis for SLM Corp. As such, the filing provides no new fundamental information about SLM Corp's operational performance, financial health, or strategic direction that would warrant a change in investment recommendation. Therefore, a "hold" recommendation is appropriate, maintaining existing positions based on prior analysis of SLM Corp's fundamentals.

Keywords

SLM Corp, Vanguard Group, Schedule 13G, Beneficial Ownership, Common Stock, Institutional Investor, Sallie Mae, Investment Adviser