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Earnings (Loss) per Common Share
 9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
Earnings (Loss) per Common Share Earnings (Loss) per Common Share
Basic earnings (loss) per common share (“EPS”) are calculated using the weighted average number of shares of common stock outstanding during each period. A reconciliation of the numerators and denominators of the basic and diluted EPS calculations follows.

Three Months Ended 
 September 30,		Nine Months Ended 
 September 30,

(Dollars in thousands, except per share data)		2025202420252024
Numerator:
Net income (loss)$135,850 $(45,152)$511,662 $496,772 
Preferred stock dividends3,994 4,648 11,922 13,929 
Net income (loss) attributable to SLM Corporation common stock$131,856 $(49,800)$499,740 $482,843 
Denominator:
Weighted average shares used to compute basic EPS207,144 214,873 209,023 218,059 
Effect of dilutive securities:
Dilutive effect of stock options, restricted stock, restricted stock units, performance stock units, and Employee Stock Purchase Plan (“ESPP”) (1)(2)
3,463 — 3,899 3,494 
Weighted average shares used to compute diluted EPS210,607 214,873 212,922 221,553 
Basic earnings (loss) per common share $0.64 $(0.23)$2.39 $2.21 
Diluted earnings (loss) per common share$0.63 $(0.23)$2.35 $2.18 

            
(1)     Includes the potential dilutive effect of additional common shares that are issuable upon exercise of outstanding stock options, restricted stock, restricted stock units, performance stock units, and the outstanding commitment to issue shares under the ESPP, determined by the treasury stock method.
(2) For the three months ended September 30, 2025 and 2024, securities covering less than 1 million shares and approximately 6 million shares, respectively, and for both the nine months ended September 30, 2025 and 2024, securities covering less than 1 million shares were outstanding but not included in the computation of diluted earnings per share because they were anti-dilutive.