By Elias Schisgall

SLM more than doubled its profit in the fourth quarter as student loan organizations rose by 4%.

The student loan lender, also known as Sallie Mae, on Thursday reported a profit of $233.2 million, or $1.12 a share, compared with $111.6 million, or 50 cents a share, a year earlier. Analysts surveyed by FactSet were expecting earnings of 88 cents a share.

Originations in the fourth quarter were roughly $1 billion, Sallie Mae said, representing 4% year-over-year growth.

Net interest income rose to $377.1 million, compared with $362.2 million a year earlier. Analysts were expecting $383.4 million. The company said its net interest margin rose to 5.2%, compared to 4.9% a year earlier.

Sallie Mae's provision for credit losses went into the negative, with a negative provision of $18.8 million. The company said the decrease was driven by the release of the provision associated with a $1 billion loan sale.

The company said it expects to report earnings of between $2.70 to $2.80 in 2026. It is projecting net charge-offs for the year of $345 million to $385 million.

The company also said it authorized a new stock buyback program of up to $500 million, effective immediately. Its $650 million share repurchase authorization from 2024 will remain open until it is expended or expires on Feb. 6, the company said.

Write to Elias Schisgall at elias.schisgall@wsj.com

(END) Dow Jones Newswires

January 22, 2026 17:12 ET (22:12 GMT)

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