Law Firms Urge SLM Investors to Seek Lead Role Before Feb. 17 in New Jersey Securities Case

The early-stage litigation focuses on claims that Sallie Mae obscured a July 2025 spike in private loan delinquencies, with plaintiffs citing a TD Cowen note and a subsequent stock decline.

Overview

A putative class action is pending in the U.S. District Court for the District of New Jersey covering SLM securities purchased between July 25, 2025 and August 14, 2025.
Notices from multiple firms state the complaint alleges SLM understated rising early-stage delinquencies and overstated the effectiveness of its loss-mitigation and loan-modification programs.
An August 14, 2025 TD Cowen report flagged July delinquencies up 49 basis points month over month, which firms say contrasted with late-July management assurances about seasonal trends.
Following that report, SLM shares fell about 8% to close at $30.32 on August 15, 2025, according to the investor notices.
Bernstein Liebhard, The Gross Law Firm, Levi & Korsinsky, Faruqi & Faruqi, and Robbins Geller are soliciting investors and potential whistleblowers, with lead-plaintiff motions due by February 17, 2026; Robbins Geller lists the case as Zappia v. SLM Corporation, No. 25-cv-18834 (D.N.J.).