NEWARK, Del. – Student loan giant Sallie Mae on Wednesday reported second quarter net income of $292 million, compared with a $6 million loss for the second quarter last year, amid wild swings in the value of its financial derivatives.
The company, the biggest securitizer of student loans, reported an $82 million gain in the second quarter on its derivatives, compared to a $414 million loss for the second quarter last year.
Private student loan originations were up 22% in the second quarter, to $321 million.
Net income for the first six months of the fiscal year was $403 million, more than double last year’s $169 million.