Climate Change Data

Environmental Metrics

ESG Focus Areas

• Community Engagement and Investment
• Business Integrity
• Data Security and Privacy
• Empowering Underserved Populations
• Energy and Emissions
• Fair and Responsible Lending
• Attracting and Retaining Talent
• Providing Training and Development Opportunities
• Fostering a Diverse and Inclusive Workplace
• Ensuring a Safe and Healthy Workplace
• Regulatory Compliance
• Risk Assessment

Environmental Achievements

• Reduced energy expense by 10%
• Migrated nearly 2,500 workloads from physical data centers to a cloud service provider—resulting in a reduction of nearly 250 physical servers and the elimination of four storage arrays
• 88% of customers opted for electronic statements

Social Achievements

• Launched several initiatives to support increased access and completion of higher education, including a $3 million scholarship program in partnership with Thurgood Marshall College Fund and $1.5 million in grants to various organizations dedicated to advancing social justice through higher education
• Provided customers with tools to easily manage their accounts, make or postpone payments, and request hardship relief during the COVID-19 pandemic
• Invested nearly $2.6 million to provide team members with at-home capabilities during the COVID-19 pandemic
• Granted five additional days of paid leave to team members during the COVID-19 pandemic
• Donated $1 million to local food banks during the COVID-19 pandemic
• Launched Diversity and Inclusion listening tours

Governance Achievements

• Appointed Carter Franke as Chair of the Board of Directors, the first woman to hold the position in the company’s history
• Implemented best practices in the area of diversity and inclusion
• Established a new diversity council
• Reviewed every corporate policy for unintended impact across identity groups
• Hired a Chief Diversity and Inclusion Officer

Climate Goals & Targets

Environmental Challenges

• Economic uncertainty caused by the COVID-19 pandemic
• Systemic racism and centuries-long inequality
• Climate change
• A divisive election

Mitigation Strategies

• Offered relief to customers affected by the COVID-19 pandemic, including a pause on repayment and waived late fees
• Provided tools and resources to help students and families make informed decisions about planning and paying for college
• Made progress on environmental, social, and corporate governance commitments
• Implemented best practices in the area of diversity and inclusion
• Established a new diversity council
• Reviewed every corporate policy for unintended impact across identity groups
• Hired a Chief Diversity and Inclusion Officer

Supply Chain Management

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: GRI Standards: Core Option, SASB Consumer Finance Standard

UN Sustainable Development Goals

• Goal 4: Quality Education

Sallie Mae's initiatives support Goal 4 through responsible private loans, scholarships, and free financial literacy tools.

Environmental Metrics

ESG Focus Areas

• Climate
• Waste Reduction
• Product Development
• Strategic Giving
• Workforce Diversity, Equity, and Inclusion
• Talent Engagement
• Empowerment
• Vendor Management
• Corporate Governance
• ESG Oversight and Accountability
• Data Security and Customer Privacy
• Ethics and Compliance Policies, Codes, and Programs

Environmental Achievements

• Completed first comprehensive greenhouse gas (GHG) emissions inventory
• Signed a zero-waste agreement with waste management provider
• Installed four additional EV charging stations

Social Achievements

• Awarded $1.2 million in scholarships
• Donated $71 million in new investments to support low- and moderate-income housing in Utah
• Donated $385,000 in grants to advance social justice
• Introduced new diversity-focused programs and a hybrid working model
• Provided 12,480 hrs of primary parental leave and 4,874 hours of secondary parental leave

Governance Achievements

• Welcomed the appointment of R. Scott Blackley to the Board of Directors
• Maintained an “Outstanding” CRA rating

Climate Goals & Targets

Environmental Challenges

• Increasing health benefits costs (8.6% increase in 2022)
• Need to improve data quality for GHG emissions reporting
• Need to further reduce emissions, waste, and energy utilization

Mitigation Strategies

• Sallie Mae paid more than $1 million to cover the health benefits cost increase
• Exploring emissions reduction initiatives for buildings and equipment
• Expanding renewable energy procurement efforts
• Improving data collection methods for GHG emissions

Supply Chain Management

Responsible Procurement

• Comprehensive third-party management program; due diligence and ongoing monitoring of third-party relationships; promoting diverse suppliers

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: GRI Standards: Core Option, SASB Consumer Finance Standard

UN Sustainable Development Goals

• SDG 4 (Quality Education)
• SDG 7 (Affordable and Clean Energy)
• SDG 8 (Decent Work and Economic Growth)
• SDG 5 (Gender Equality)
• SDG 10 (Reduced Inequalities)
• SDG 16 (Peace, Justice and Strong Institutions)

Sallie Mae initiatives align with these SDGs through scholarship programs, community investment, diversity and inclusion efforts, and responsible governance practices.

Awards & Recognition

• One in ISS QualityScore for ESG
• Dave Thomas Foundation for Adoption named Sallie Mae as one of the 100 Best Adoption-Friendly Workplaces

Environmental Metrics

ESG Focus Areas

• Increasing access, affordability, and completion of higher education
• Investing in our people
• Reducing environmental footprint
• Responsible governance

Environmental Achievements

• Completed GHG inventories for fiscal years 2022 and 2023
• Offset Scope 2 GHG emissions through purchase of WindPower Renewable Energy Certificates (RECs)
• Continued installation of LED lighting and energy-efficient HVAC systems

Social Achievements

• Served more families than any other private student lender
• Provided $6.4 billion in private education loans
• Awarded $1.2 million in scholarships
• Committed a $1 million research endowment to Delaware State University
• Sallie Mae Bank provided $158 million in new investments to support low- and moderate-income housing

Governance Achievements

• Maintained an “Outstanding” rating under the Community Reinvestment Act (CRA)
• 98.1% Say on Pay (executive compensation) FOR vote at 2023 Annual Shareholder Meeting
• Board is comprised of 33% women and has been recognized by 50/50 Women On Boards as a company with a 3+ Board rating

Climate Goals & Targets

Environmental Challenges

• Reducing emissions further
• Improving data quality for GHG emissions tracking

Mitigation Strategies

• Exploring emissions reduction initiatives for buildings and equipment
• Expanding renewable energy procurement efforts
• Improving data quality by collecting more primary data

Supply Chain Management

Responsible Procurement

• Comprehensive third-party management program; due diligence and ongoing monitoring of third parties

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: GRI Standards (2021), SASB Consumer Finance Standard, UN Sustainable Development Goals

UN Sustainable Development Goals

• SDG 4
• SDG 5
• SDG 7
• SDG 8
• SDG 10
• SDG 16

Details on how Sallie Mae's initiatives contribute to these goals are provided in the SDG Index section of the report.

Awards & Recognition

• Rated “A” by MSCI ESG Ratings
• Named one of the best companies to work for by U.S. News and World Report
• Named one of the 100 Best Adoption-Friendly Workplaces by The Dave Thomas Foundation for Adoption
• Legal team recognized with the 2023 “Quality of Life” Award by the Bar Association of the District of Columbia