Sallie Mae (NASDAQ: SLM) entered into a $200 million accelerated share repurchase agreement with Goldman Sachs & Co. LLC, the company announced.

The repurchase operates under Sallie Mae's $500 million share repurchase program authorized by the board of directors, effective January 22, 2026. Combined with shares already repurchased this quarter, the company's first-quarter share repurchases and commitments total nearly $300 million.

Sallie Mae will prefund the $200 million accelerated share repurchase on March 10, 2026, and expects to receive and retire a significant portion of shares shortly after execution. The final number of shares repurchased will be based on the volume-weighted average price of the company's common stock during the agreement term, less a discount and subject to customary adjustments.

"Today's accelerated share repurchase announcement, together with shares already repurchased this quarter, brings our first-quarter share repurchases and commitments to nearly $300 million, reflecting our disciplined approach to capital allocation and our belief in the power of our franchise," said Jon Witter, Chief Executive Officer of Sallie Mae.

At final settlement, the company may receive additional shares or may be required to deliver shares or make a cash payment under certain circumstances according to the agreement terms. The transactions are expected to complete before the end of the second quarter of 2026.

Witter stated the company will continue evaluating options to generate capital for share repurchases and hopes to exhaust most, if not all, of the current $500 million authorization in 2026. The company will file additional information in a Form 8-K with the U.S. Securities and Exchange Commission.