Vanguard Capital Management (NYSE: SLM) reports 5.09% ownership in SLM

Rhea-AI Filing Summary

SLM Corp reported that Vanguard Capital Management beneficially owns 10,093,938 shares of Common Stock, representing 5.09% of the class. The filing shows sole voting power for 1,530,115 shares and sole dispositive power for 10,093,938 shares, and states these holdings include securities held for Vanguard funds and managed accounts.

The Schedule 13G disclosure is signed by Ashley Grim on behalf of Vanguard Capital Management and reflects holdings reported for the filer.

Insights

Institutional Ownership Analyst

Vanguard Capital Management reports a >5% position in SLM Corp via managed funds.

The filing quantifies a 5.09% beneficial ownership stake of 10,093,938 shares, with 1,530,115 shares listed as sole voting power. This indicates dispositive control is concentrated within the filing entity across pooled vehicles.

Because the filing states holdings include Vanguard funds and managed accounts, subsequent trading activity will depend on those separate portfolios; future Schedule 13G/A or 13D/F filings would disclose material changes.

Corporate Governance Specialist

The disclosure clarifies voting and dispositive authorities for the reported stake.

The Schedule 13G lists both voting and dispositive power counts explicitly: sole voting power 1,530,115 and sole dispositive power 10,093,938. This separation matters for proxy and engagement expectations.

Investors looking for changes in influence should watch for amendments showing voting shifts or a Schedule 13D if the filer moves to an activist posture; timing is not provided here.

Key Figures

Beneficial ownership: 10,093,938 shares Percent of class: 5.09% Sole voting power: 1,530,115 shares +2 more

5 metrics

Beneficial ownership 10,093,938 shares reported on Schedule 13G

Percent of class 5.09% percent of Common Stock beneficially owned

Sole voting power 1,530,115 shares shares with sole power to vote

Sole dispositive power 10,093,938 shares shares with sole power to dispose

Filing type Schedule 13G passive ownership disclosure

Key Terms

beneficially owned, sole dispositive power, Schedule 13G

3 terms

beneficially owned regulatory

"this reflects the securities beneficially owned, or deemed to be beneficially owned"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

sole dispositive power regulatory

"Sole power to dispose or to direct the disposition of: 10093938"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

Schedule 13G regulatory

"Item 1. (a) Name of issuer: SLM Corp ..."

A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

SLM Corp

(Name of Issuer)

Common Stock

(Title of Class of Securities)

78442P106

(CUSIP Number)

03/31/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 78442P106

1

Names of Reporting Persons

Vanguard Capital Management

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

PENNSYLVANIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 1,530,115.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 10,093,938.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

10,093,938.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.09 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: In accordance with SEC Release No. 34-39538 (January 12, 1998), this Schedule 13G reflects the securities beneficially owned, or deemed to be beneficially owned, by Vanguard Capital Management LLC and the following affiliates of Vanguard Capital Management LLC or business divisions of such affiliates: Vanguard Asset Management Limited, Vanguard Fiduciary Trust Company, Vanguard Global Advisers, LLC and Vanguard Investments Australia Ltd. This Schedule 13G includes securities held by Vanguard funds, or sleeves thereof, over which Vanguard Capital Management LLC exercises dispositive power, in addition to securities held by clients over which the affiliates or business divisions of such affiliates indicated above exercise dispositive and/or voting power. This Schedule 13G does not include securities, if any, beneficially owned by other subsidiaries or affiliates of Vanguard Capital Management LLC, or business divisions of such subsidiaries, whose ownership of securities is disaggregated from that of the reporting business unit in accordance with such release.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: SLM Corp
(b)	Address of issuer's principal executive offices: 300 Continental Drive, Newark, DE, 19713
Item 2.
(a)	Name of person filing: Vanguard Capital Management
(b)	Address or principal business office or, if none, residence: 100 Vanguard Blvd,, Malvern, PA, 19355
(c)	Citizenship: PA
(d)	Title of class of securities: Common Stock
(e)	CUSIP Number(s): 78442P106
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 10093938
(b)	Percent of class: 5.09 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 1530115
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 10093938
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. Vanguard Capital Management, including investment companies registered under the Investment Company Act of 1940 and other managed accounts, have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities reported herein.No one other person's interest in the securities reported herein is more than 5%.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, 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 and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Vanguard Capital Management

Signature:	Ashley Grim
Name/Title:	Head of Global Fund Administration
Date:	04/30/2026

FAQ

What stake does Vanguard Capital Management report in SLM (SLM)?

Vanguard Capital Management reports 10,093,938 shares, equal to 5.09% of SLM's Common Stock. The filing lists 1,530,115 shares with sole voting power and dispositive power for the full 10,093,938 shares.

Does Vanguard vote or control the shares reported for SLM (SLM)?

The filing states Vanguard has sole voting power for 1,530,115 shares and sole dispositive power for 10,093,938 shares. It also notes holdings include Vanguard funds and managed accounts.

Is this a passive Schedule 13G or an active 13D filing for SLM (SLM)?

This document is a Schedule 13G reporting passive beneficial ownership of 5.09%. It does not indicate an active acquisition plan or the 13D-level intentions in the excerpt provided.

Who signed the SLM (SLM) ownership filing for Vanguard?

The filing is signed by Ashley Grim, titled Head of Global Fund Administration, on behalf of Vanguard Capital Management, dated 04/30/2026.

Do the reported shares include client or fund holdings for Vanguard?

Yes. The filing expressly states the 10,093,938 shares include securities held by Vanguard funds and managed accounts over which Vanguard exercises dispositive power.