Sallie Mae Releases Environmental, Social, and Governance (ESG) Report

Rhea-AI Summary

Sallie Mae released its Environmental, Social, and Governance (ESG) report, highlighting its commitment to mission-aligned impact. The report details initiatives supporting customers, communities, employees, and the environment, including scholarships, research grants, investments in housing, social justice support, environmental impact reduction, workforce promotion, and recognition as a best workplace.

Positive

• Sallie Mae's ESG report demonstrates a strong commitment to mission-aligned impact and sustainability efforts.

• The company's initiatives support higher education access and completion, social justice, environmental impact reduction, and workforce promotion.

• The report showcases significant investments, grants, and programs aimed at benefiting customers, communities, employees, and the environment.

Negative

• There are no negative aspects to report in the press release.

Report Highlights Company's Continued Commitment to Mission-Aligned Impact Supporting Customers, Communities, Employees, and the Environment

NEWARK, Del.--(BUSINESS WIRE)-- Sallie Mae®, formally SLM Corporation, released its Environmental, Social, and Governance (ESG) report. The annual report highlights the company's commitment to mission-aligned initiatives supporting its customers, communities, employees, and the environment.

Specifically, the report shares progress on ESG initiatives in 2023 including:

• Supporting Higher Education Access and Completion: The Sallie Mae Fund again partnered with Thurgood Marshall College Fund to award $1 million in scholarships to help students from underserved and underrepresented communities access and complete higher education. Additionally, the company committed a $1 million research grant to Delaware State University to help close the college completion gap. The $1 million contribution will fund a three-year pilot program to better understand barriers to college completion and help students return to school and complete their degrees.
• Advancing Social Justice and Giving Back to Communities: The company also provided more than $158 million in new investments to support low- and moderate-income housing in Utah – home to Sallie Mae Bank. Furthermore, The Sallie Mae Fund awarded $690,000 in grants to advance social justice, including $200,000 to support 2023 HBCU Week College Fairs, attended by more than 15,000 students who were offered $22 million in scholarships.
• Reducing Environmental Impact: Completed greenhouse gas inventories for fiscal years 2022 and 2023 and signed a zero-waste agreement with its waste management and recycling provider.
• Promoting Workforce: Introduced diversity-focused programs, fostering a culture of belonging and professional development. Also, provided competitive benefits including, 22,628 hours of primary parental leave and 3,593 hours of secondary parental leave to its employees. For the third consecutive year, the company was recognized as one of the 100 Best Adoption-Friendly Workplaces by the Dave Thomas Foundation for Adoption and was also named one of the Best Companies to Work for by U.S. News and World Report.

“Our mission to power confidence as students begin their unique journeys is deeply integrated in our ESG strategy and our business,” said Jon Witter, CEO, Sallie Mae. “This mission-aligned approach guides our efforts to make the most impact in supporting students, families, our communities, our people, and the environment. As I reflect on 2023, I am extremely proud of our progress.”

Sallie Mae’s ESG report was prepared with reference to the 2021 Global Reporting Initiative (GRI) Standards, includes the sustainability disclosure topics and metrics in the ISSB Sustainability Accounting Standards Board (SASB) Consumer Finance Standard, and shows how the company's initiatives contribute to the United Nations (UN) Sustainable Development Goals. All data reported relates to Sallie Mae’s calendar year 2023 unless otherwise noted.

To learn more about Sallie Mae’s ESG efforts, visit www.salliemae.com/ESG.

Sallie Mae (Nasdaq: SLM) believes education and life-long learning, in all forms, help people achieve great things. As the leader in private student lending, we provide financing and know-how to support access to college and offer products and resources to help customers make new goals and experiences, beyond college, happen. Learn more at SallieMae.com. Commonly known as Sallie Mae, SLM Corporation and its subsidiaries are not sponsored by or agencies of the United States of America.

Category: Community and Philanthropy

View source version on businesswire.com: https://www.businesswire.com/news/home/20240425624578/en/

Caron Jackson

302.304.3401

Caron.Jackson@SallieMae.com

Source: Sallie Mae

FAQ

What does Sallie Mae's ESG report highlight?

The ESG report highlights Sallie Mae's commitment to mission-aligned initiatives supporting customers, communities, employees, and the environment.

What initiatives were shared in the ESG report?

The report shares progress on ESG initiatives in 2023, including supporting higher education access, advancing social justice, reducing environmental impact, and promoting workforce diversity.

How does Sallie Mae contribute to social justice?

Sallie Mae provided over $158 million in investments to support low- and moderate-income housing, awarded grants to advance social justice, and supported 2023 HBCU Week College Fairs.

What recognition did Sallie Mae receive for its workforce initiatives?

Sallie Mae was recognized as one of the 100 Best Adoption-Friendly Workplaces and named one of the Best Companies to Work for by U.S. News and World Report for its workforce initiatives.