Investor Presentaiton

Navient Private Education Loan Programs Origination Channel Typical Borrower Typical Co-signer Typical Loan Undergrad/Grad/ Smart Option Med/Law/MBA School Student Parent School Student Parent $10k avg orig bal, 10 yr avg term, in-school payments of interest only, $25 or fully deferred March 2009 to April 2014 $10k avg orig bal, 15 yr term, deferred payments All history through 2014 Direct-to-Consumer (DTC) Direct-to-Consumer Student Parent $12k avg orig bal, 15 yr term, deferred payments 2004 through 2008 Origination Period Certification and Disbursement School certified and disbursed School certified and disbursed Borrower self-certified, disbursed to borrower FICO, Borrower Underwriting Borrowing Limits Additional Characteristics custom credit score model, and judgmental underwriting $200,000 ▸ Made to students and parents primarily through Primarily FICO Primarily FICO $100,000 Undergraduate, $150,000 Graduate ▸ Made to students and parents through college college financial aid offices to financial aid offices to fund 2-year, 4-year and graduate school college tuition, room and board ▸ Also available on a limited basis to students and parents to fund non-degree granting secondary education, including community college, part time, technical and trade school programs fund 2-year, 4-year and graduate school college tuition, room and board ▸ Signature, Excel, Law, Med and MBA Loan brands ▸ Title IV schools only 1 ▸ Freshmen must have a cosigner with limited exceptions ▸ Both Title IV and non-Title Co-signer stability test (1) IV schools (minimum 3 year repayment history) $130,000 ▸ Terms and underwriting criteria Consolidation (Legacy) Private Education Refi Lender College Graduates Parent $43k avg orig bal, 15-30 year term depending on balance, immediate repayment 2006 through 2008 Proceeds to lender to pay off loans being consolidated FICO and Debt-to- Income $400,000 ▸ Loans made to students and parents to similar to Undergraduate, refinance one or more Graduate, Med/Law/MBA private education loans with primary differences ▸ Student must provide being: - Marketing channel - No school certification - Disbursement of proceeds directly to borrower ▸ Title IV schools only 1 ▸ Freshmen must have a co-signer with limited exceptions ▸ Co-signer stability test (minimum 3 year repayment history) proof of graduation in order to obtain loan Lender College Graduates & Select Non-Graduates Parent $50k-75k avg orig bal, 5- 20 year term depending on balance, immediate repayment 2014 through current Proceeds to lender to pay off loans being consolidated FICO, Debt-to-Income, Income, Free Cash Flow (as applicable) Maximum $550,000, varies by program ▸ Loans made to high FICO / high income customers with positive free cash flow and/or Private Education Origination School Student Parent $15k avg orig bal, 5-15 year term, in-school payments of immediate repayment, interest only, $25 or fully deferred April 2019 through current School certified and disbursed FICO, Debt-to-Income, Income, Free Cash Flow (as applicable) Up to total cost of attendance Private Aggregate Loan Limit of $250,000 ▸ Made to students/cosigners with high FICO/high income /positive free cash flow established credit profiles and/or established credit profiles, to fund 4-year and graduate school college tuition, room and board ▸ 9-month grace period after graduation ▸ Title IV and non-profit schools only 1 Title IV Institutions are post-secondary institutions that have a written agreement with the Secretary of Education that allows the institution to participate in any of the Title IV federal student financial assistance programs and the National Early Intervention Scholarship and Partnership (NEISP) programs. © 2021 Navient Solutions, LLC. All rights reserved. III 29 29

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