Sallie Mae, the saving, planning, and paying for college company, has announced first-quarter 2021 net income of $641 million, compared to net income of $362 million reported for Q1 2020.

The company reported private education loan originations of $2.1 billion, down 10% on Q1 2020, which it blamed on the effect of the pandemic.

Sallie Mae chief executive Jonathan Witter said: β€œIt has been one year this week since I joined the company, and I am incredibly proud of the hard work of the Sallie Mae team and what we’ve accomplished during what can only be described as difficult times. We’re off to a fast start in 2021, executing our strategy and delivering strong results. We are encouraged by the trends toward normalcy, driven by vaccine distribution, and we’re particularly encouraged by what this implies for colleges and universities in the fall. I hope you walk away today with three key messages. First, we’ve delivered strong results in the quarter. Second, we’re executing our 2021 capital return programme as expected. And third, I believe we are well positioned to continue our performance trend this year by executing against our core strategies.”

Date published: 26 April 2021

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