Sallie Mae’s (SLM) rising average loan balance has been supporting NII growth. Strategic inorganic growth moves will expand its operations and diversify revenue streams. Overdependence on brokered deposits as a funding source and rising expenses are concerning. The dominant player in every phase of the student loan life cycle, providing the continuing competitive advantage of scale. Its operations are more dependent on students’ demand for educational loans. The low unemployment rate for the over-25-year-ol ...