In the third quarter of 2024, SLM Corporation (the "Company") has reported a 6% increase in quarter-to-date (QTD) application growth compared to the same period in 2023. Notably, 71% of QTD applications are new to the company, indicating a significant influx of new customers. The cosigner rate for approved applications in the QTD stands at an impressive 91%.
In terms of credit quality, the average FICO score at approval for QTD approved applications is reported to be 752, reflecting a robust credit profile of the approved applicants.
The company has also provided updates on its peak season performance, revealing a notable extension of peak volume with both quarter-to-date application and origination expansion through the month of August compared to the same period last year. This defies the typical trend of demand trailing off as September approaches during peak season cycles.
In terms of origination figures, the company has reported $1,509 million in QTD originations for 2024, representing a 30% increase over the same period in 2023. Furthermore, the company's performance in the Private Student Loan (PSL) originations segment has seen a 7% increase, reaching $1,434 million for QTD 2024.
The market has reacted to these announcements by moving the company's shares 0.3% to a price of $20.21. For the full picture, make sure to review SLM's 8-K report.
