Totally agree with what Steve said. If you’re in that group, the income-based repayment or income-driven repayment programs from the federal government are a far richer benefit than anything that you would see from a refinance option. So we’re not in the refinance business. It could be that others have better or different strategies or views on the segments of customers. But I think when we look at those 2 things together, we don’t see a return to normalcy coming anytime in the immediate future.
Operator: [Operator Instructions] We have a question from the line of Jordan Hymowitz with Philadelphia Financial.
Jordan Hymowitz: First question. You haven’t seen the final market share numbers yet. But have you noticed the #2 and #3 competitors pulling back in the market as well? I mean, if you could say like how much is those guys pulling back, and how much is the market growing causing your growth? That would be helpful.
Jonathan Witter: Jordan, I don’t have those numbers in front of us, and I certainly don’t have them for peak season, which is the, I think, the most relevant sort of part of this question because obviously, fall enrollments are sort of really the question here, and will drive next spring’s investments. If I think, though, sort of a little bit more broadly, during the pandemic, we absolutely saw universities try to hold cost constant. We absolutely saw them minimize the rate of growth in fees. I think we’re back to a more normal enrollment and price increase sort of environment for universities. So I would guess that the growth we have seen is a combination of both growth in market and growth in share, but we will have the market share numbers in the fourth quarter. And as we always do, happy to share those publicly once we have them.
Jordan Hymowitz: Okay. And as you consider reducing or eliminating pick your word gain on sale next year, do you still think the student lending is a 30% ROE business and especially in an environment where most financial returns are heading towards single digits?
Steven McGarry: I mean, Jordan, we continue to underwrite and originate at where to hold these loans in the low to mid-20s, 30% is a little bit of a stretch, but the returns on this asset class are extremely high, to those that are in the business right now.
Jordan Hymowitz: Okay. And I’ll just leave it that I’ve been following your company since ’98. And Steve, I’ve had a tremendous amount of respect for you, but I do think it’s time to get the f*** out of there.
Operator: Thank you. And this concludes the Q&A answer period. I will turn it back to Jon Witter for his final comments.
Jonathan Witter: Thank you very much, Carmen. Steve. I’ll again say thank you for all your years of service. I really do look forward to the next couple of 2, 3 months saying goodbye appropriately, and I’m sure a lot of our investors will want to follow up with you one-on-one. But again, thank you for everything you’ve done and your friendship and camaraderie over my last 3.5 years here. Also, thanks to everyone on the call for your interest in Sallie Mae as always. If there’s specific follow-up questions, our IR team is here to help and give assistance, and we look forward to your calls. And with that, Melissa, I will turn it back to you for a little bit of closing business.
Melissa Bronaugh: Thank you for your time and questions today. A replay of this call and the presentation will be available on the Investors page at salliemae.com. If you have any further questions, feel free to contact me directly. This concludes today’s call.
Operator: And with that, ladies and gentlemen, you may now disconnect.
