Defined Contribution Plans

12 Months Ended

Dec. 31, 2018

Retirement Benefits [Abstract]

Defined Contribution Plans

Defined Contribution Plans

We participate in a defined contribution plan which is intended to qualify under section 401(k) of the Internal Revenue Code. The Sallie Mae 401(k) Savings Plan covers substantially all employees. After six months of service, we match 100 percent of the first five percent of contributions for eligible employees. For the years ended December 31, 2018, 2017 and 2016, we contributed $5.4 million, $5.0 million and $4.4 million, respectively, to this plan.