0000950123-11-047419.txt : 201105090000950123-11-047419.hdr.sgml : 2011050920110509162835ACCESSION NUMBER:0000950123-11-047419CONFORMED SUBMISSION TYPE:8-KPUBLIC DOCUMENT COUNT:92CONFORMED PERIOD OF REPORT:20110509ITEM INFORMATION:Other EventsITEM INFORMATION:Financial Statements and ExhibitsFILED AS OF DATE:20110509DATE AS OF CHANGE:20110509

FILER:

COMPANY DATA:COMPANY CONFORMED NAME:SLM CORPCENTRAL INDEX KEY:0001032033STANDARD INDUSTRIAL CLASSIFICATION:PERSONAL CREDIT INSTITUTIONS [6141]IRS NUMBER:522013874STATE OF INCORPORATION:DEFISCAL YEAR END:1231

FILING VALUES:FORM TYPE:8-KSEC ACT:1934 ActSEC FILE NUMBER:001-13251FILM NUMBER:11823816

BUSINESS ADDRESS:STREET 1:300 CONTINENTAL DRIVECITY:NEWARKSTATE:DEZIP:19713BUSINESS PHONE:(302) 283-8000

MAIL ADDRESS:STREET 1:300 CONTINENTAL DRIVECITY:NEWARKSTATE:DEZIP:19713

FORMER COMPANY:FORMER CONFORMED NAME:SALLIE MAEDATE OF NAME CHANGE:20020517

FORMER COMPANY:FORMER CONFORMED NAME:USA EDUCATION INCDATE OF NAME CHANGE:20000801

FORMER COMPANY:FORMER CONFORMED NAME:SLM HOLDING CORPDATE OF NAME CHANGE:19970203

8-K1w82702e8vk.htmFORM 8-K

e8vk

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May9, 2011

SLM CORPORATION

(Exact name of registrant as specified in its charter)

Delaware
(State or other jurisdiction
of incorporation)

001-13251
(Commission
File Number)

52-2013874
(I.R.S. Employer
Identification No.)

300 Continental Drive, Newark, Delaware
(Address of principal executive offices)

19713
(Zip Code)

Registrants telephone number, including area code: (302) 283-8000

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy thefiling obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item8.01 Other Events.

SLM Corporation frequently provides relevant information to its investors via posting to itscorporate website. On May9, 2011, a presentation entitled Q1 2011 Investor Presentation wasmade available on SLM Corporations web site athttps://www1.salliemae.com/about/investors/webcasts/archived_presentations.htm. In addition, thedocument is being furnished herewith as Exhibit99.1.

Item9.01 Financial Statements and Exhibits.

(d) Exhibits

99.1*

Q1 2011 Investor Presentation.

* Furnished herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has dulycaused this report to be signed on its behalf by the undersigned hereunto duly authorized.

SLM CORPORATION

Date: May9, 2011 By: /s/ Laurent C. Lutz

Laurent C. Lutz

Executive Vice President & General Counsel

EXHIBIT INDEX

Exhibit

No. Description

99.1*

Q1 2011 Investor Presentation.

* Furnished herewith.

EX-99.12w82702exv99w1.htmEX-99.1

exv99w1

Exhibit 99.1

SLM Corporation

Q1 2011 Investor Presentation

Forward-Looking Statements

The following information is current as of May 9, 2011 (unless otherwise noted) and should be read in connection with SLM Corporation's 2010Annual Report on Form 10-K (the "2010 Form 10-K"), first quarter 2011 Quarterly Report on Form 10-Q and in subsequent reports filed with theSecurities and Exchange Commission (the "SEC"). Our actual results may differ materially from the forward-looking statements and informationcontained in this Presentation due to a variety of factors, including, but not limited to, those described in our 2010 Form 10-K in "Part I - Item1A. Risk Factors" and in subsequent reports filed with the SEC.

This Presentation contains forward-looking statements and information based on management's current expectations as of the date of thispresentation. Statements that are not historical facts, including statements about our beliefs or expectations and statements that assume or aredependent upon future events, are forward-looking statements. Forward-looking statements are subject to risks, uncertainties, assumptions andother factors that may cause actual results to be materially different from those reflected in such forward-looking statements. These factorsinclude, among others, increases in financing costs; limits on liquidity; increases in costs associated with compliance with laws and regulations;any adverse outcomes in any significant litigation to which we are a party; credit risk associated with our exposure to third parties, includingcounterparties to our derivative transactions; and changes in the terms of student loans and the educational credit marketplace (includingchanges resulting from new laws and the implementation of existing laws). We could also be affected by, among other things: changes in ourfunding costs and availability; reductions to our credit ratings; failures of our operating systems or infrastructure, including those of third-partyvendors; damage to our reputation; failures to successfully implement cost-cutting and restructuring initiatives and adverse effects of suchinitiatives on our business; changes in the demand for educational financing or in financing preferences of lenders, educational institutions,students and their families; changes in law and regulations with respect to the student lending business and financial institutions generally;increased competition from banks and other consumer lenders; the creditworthiness of our customers; changes in the general interest rateenvironment, including the rate relationships among relevant money-market instruments and those of our earning assets versus our fundingarrangements; changes in general economic conditions; and changes in the demand for debt management services. The preparation of ourconsolidated financial statements also requires management to make certain estimates and assumptions including estimates and assumptionsabout future events. These estimates or assumptions may prove to be incorrect. All forward-looking statements contained in this Presentationare qualified by these cautionary statements and are made only as of the date of this Presentation. We do not undertake any obligation to updateor revise these forward-looking statements to conform the statement to actual results or changes in our expectations.

2

SLM Corporation

3 SLM Corporation Overview Page 4 The U.S. Student Loan Market Page 15 Credit Quality Page 24 Servicing: A Competitive Advantage Page 38 Funding Diversity and Liquidity Page 44 Risk-Adjusted Capitalization Page 58 FFELP Appendix Page 61 Private Credit Appendix Page 65 SLM Appendix Page 88

SLM Corporation Overview

SLM Corporation

#1 saving and paying for college company with40-years of leadership in the education lendingmarket

#1 servicer and collector of student loans in theU.S. servicing FFELP and Private Credit educationloans and servicing for third parties, including 3.2million for the Department of Education (ED) as ofMarch 31, 2011

Serving 23 million unique customers

Fully independent private sector company withscale and a broad franchise, traded on the NYSE

$182 billion student loan portfolio, 80% of which isU.S. government guaranteed as of March 31,2011

At quarter-end, 97% of student loans were fundedwith term liabilities

5

Life stage Customer Strategy

Sallie Mae offers an unmatched, integrated suite ofSaving, Planning, and Paying for College SM products and services

6

SLM Corporation Update

Student loans outstanding increased to $182 billion at March 31, 2011

"Core Earnings" for Q1 2011 of $260 million, including restructuring charges and debtrepurchasing gains*

Declared a quarterly dividend of $0.10 per share on the company's common stock

Authorized the repurchase of up to $300 million of outstanding common stock

Originated $940 million Private Education Loans in Q1 2011, average FICO of 737 and87% Cosigned

Achieved #1 overall ranking in the First Quarter 2011 ED Collections Contract

7

* For a GAAP to "Core Earnings" reconciliation, see slide 89.

A Brief Corporate History

1 Currently known as the Federal Family Education Loan Program (FFELP). SLM Corporate Debt Ratings SLM Corporate Debt Ratings SLM Corporate Debt Ratings SLM Corporate Debt Ratings Moody's S & P Fitch Long-Term Ba1 BBB- BBB- Short-Term Not-Prime A-3 F3 Outlook Neg. Stable Stable Loan Portfolio Loan Portfolio Loan Portfolio Loan Type $B % FFELP Loans $145.5 80% Private Education 36.0 20% Total Portfolio $ 181.5 100%

As of March 31, 2011

Net of provision

8

As of March 31, 2011

Q1 11 "Core Earnings" Summary

9

FFELP Loan Segment Earnings Detail

10

Consumer Lending Segment Earnings Detail

11

SLM Corporation

Three Distinct Aspects of the Business Model

FFELP Loan Portfolio

Existing portfolios generating substantial income and cash flow

Residuals stable due to minimal credit and interest rate risk

Consumer Lending

Largest originator of Private Education Loans

Significant long term value

Legacy portfolio quality vastly improved

Business Services

Servicing cash flows are super senior

Attractive fee business with little capital required & high return on equity

Diverse portfolio of customers and services

Opportunities exist to expand services provided including industry consolidation

Efficient cost structure and top performer

12

Federal Student Loan Market

Outstanding Government StudentLoan Market Distribution

FFYE 9/30/2010

FFYE 9/30/2010 FFYE 9/30/2010 FFYE 9/30/2010

Top 10 Holders of FFELP Loans

FFYE 9/30/2010 ($ in millions)

FFYE 9/30/2010 ($ in millions)FFYE 9/30/2010 ($ in millions)

Sources: US Department of Education Report 4/2011, FSA 2010 Annual Report

1 Includes $26.1 billion of FFELP Loans Purchased from the Student Loan Corporation on December 31, 2010

2 Student Loan Xpress is a CIT company

13

Office of the Chief Executive Officer

14

Al Lord,

Chief Executive Officer

Jack Remondi, President &Chief Operating Officer

Jonathan Clark, EVP & ChiefFinancial Officer

Laurent Lutz, EVP & GeneralCounsel

Jim Truitt, SVP & ChiefCompliance Officer

April Stercula, SVPAdministration

Steve Hauber, SVP &Chief Audit Officer

David West, SVP & ChiefCredit Officer

The U.S. Student Loan Market

Favorable Student Loan Market Trends

Source: College Board

Note: Academic years, average published tuition, fees, room and board charges at four-yearinstitutions; enrollment-weighted(CHART)

Higher Education Enrollment (millions)

Source: National Center for Education Statistics

Note: Total enrollment in all degree-granting institutions; middle alternative projectionsfor 2009 onward

Annual Cost of Education ($ thousands)(CHART)

Source: President's 2011 Budget. Gross commitments by fiscal year

Note: Excludes consolidation volume

Federal Student Loan Origination Volume ($ billions)(CHART)

'02-'08 CAGR: 12%

'08-'14 CAGR: 6%

Relationship Between Higher Education, Income andEmployment(CHART)

Source: U.S. Census Bureau, Current Population Survey, 2010 Annual Social and EconomicSupplement. Represents median earnings for a full time, year-round worker over age 25.Unemployment data as of Dec. 2010. Represents unemployment for civilian non-institutionalpopulation over age 25.

Unemployment

Average annual income

16

College Grads Experience

Lower Levels of Unemployment

Source: U.S. Department of Labor, Bureau of Labor Statistics as of 3/31/2011

17(CHART)

SLM Private Education Loan Originations(CHART)

18

SLM's Private Education Loan Portfolio

Private Education Loan Portfolio Characteristics

$36 billion portfolio

20% of SLM's total student loan portfolio

Loans are based on floating interest rates, with loan margins determinedby the credit quality of the borrower and/or cosigner

Approximately 60% of portfolio has a cosigner, typically a parent

Higher education loans typically non-dischargeable in bankruptcy

Integrated underwriting, servicing and collections

19

As of March 31, 2011

SLM's New Private Education Loan Product

Smart Option Student Loan product offers three repayment choices designedto help borrowers balance their goals and budget while in school

Interest Only - Requires interest only payment during in-school period

Fixed Repayment - Requires $25 payments during in-school period

Deferred Repayment - Allows customers to defer payments while the customer is inschool

Repayment term is driven by cumulative amount borrowed and grade level

Full communication with customers during in-school period

Full collection activities employed at both the customer and cosigner level

All loans certified by the school's financial aid office to ensure that customersborrow no more than the cost of attendance

20

Private Education Loan Market Opportunity

Private education loans help bridge the gap between funding available through ED programsand the increasing cost of education

Supplement U.S. Government guaranteed student loans, but not guaranteed by the U.S.Government

Cost of College AY 2009-2010

Based on a Four-Year Term

ED Lending Limit

$31,000

Cost ofattendancegap

ED Lending Limit

$31,000

Source: College Board, Trends in College Pricing, U.S. Department of Education 2009

Cost of College AY 1999-2000

Based on a Four-Year Term

Cost ofattendancegap

21

Private Education Loan Market Opportunity

The total cost of education for Students and Parents is estimated at $410 billion

(1) Grants include federal, state, institutional, private/employer, education tax benefits and work study

Source: College Board, U.S. Department of Education & Company analysis(CHART)

(1)

22

Cost of education has grown more than 3 times faster than the CPI

Private Credit Industry Originations

2009-10 academic year market share approximately 33%

Source: College Board, Trends in Higher Education Series (2010). 2009-2010 industry data is preliminary. Data reported byacademic year, SLM quarterly data converted to academic year basis.

23(CHART)

Private Education Loans declined as result of an increase in federal student loan limits, anoverall increase in the use of federal student loans as well as an increase in federalgrants.

Credit Quality

Loan Losses

Loan Losses

Loan Losses(CHART)

+

=

Private Education

Loans(2)

20%

U.S. GovernmentGuaranteed Loans(2)

80%

Charge-Offs (1)

= 0.06%

Charge-Offs (1)

= 2.99%

Total Charge-Offs (1)

= 0.65%

FFELP charge-offs as a percentage of average FFELP loans. Private Education Loan charge-offs as a percentage of average Private Education Loans. Totalcharge-offs as a percentage of average FFELP Loans and Private Education Loans.

Percentages of total student loan portfolio based upon average portfolio balances.

Student LoanPortfolio(2)

(CHART)

25

As of March 31, 2011

Among the multiple variables that impact the performance of Sallie Mae's private educationloans, a combination of the following has the greatest impact:

(1) If there is a co-borrower, FICO score represents higher of borrower and co-borrower score.

(2) For SLM Traditional Private Education Loans 2010 annualized defaults.

FICO score of Borrower or Co-Borrower(1)

Presence of a Co-Borrower

School attended, through itsimpact on:

Graduation Rate

Employment Rate

Earnings Prospects

Borrower Attributes

Impact of Default Drivers on 2010 Annualized Defaults(2)

26

Private Education Loan Performance Drivers

SLM Private Credit Default Emergence ProfilePayments Due(1) - Traditional vs. Non-Traditional(CHART)

27

(1) Payments due includes all periods of active repayment, whether the borrower was delinquent or current. Also included areperiods spent in deferment, although payments are typically not due during this time. Periods in a forbearance status are notincluded.

(2)Excludes Sallie Mae Smart Option, LAW, MED, MBA, and bar-study/residency loans.

Private Credit Default Performance

Default Rates By Months In Repayment

28(CHART)

Private Credit Default Performance

Default Rates By Payments Made

29(CHART)

Charge-offs driven by Non-Traditional loans

Non-Traditional loans represent approximately 10% of the Private Education Loanportfolio but nearly a third of charge-offs

Charge-off Trends

Mix of Traditional vs. Non-Traditional

30(CHART)(CHART)

$ Charge-offs

Charge-off rate as a % ofrepayment balance

"Core Earnings" Private Education Loan PortfolioPerformance

(1) Charge-offs as a percentage of average loans in repayment annualized for the quarters presented Traditional Loans with a Cosigner Q111 Q410 Q310 Q210 Q110 Outstanding Balance as a % of Total 57% 56% 56% 55% 55% 90+ Delinquency as a % of Repayment 3.0% 3.1% 3.3% 3.4% 3.7% Forbearance as a % of Repayment & Forbearance 3.9% 4.0% 3.8% 4.7% 4.5% Charge-Offs as a % of Repayment (1) 1.8% 2.0% 2.4% 2.3% 2.0%

Traditional Loans without a Cosigner Q111 Q410 Q310 Q210 Q110 Outstanding Balance as a % of Total 33% 33% 33% 34% 34% 90+ Delinquency as a % of Repayment 5.9% 6.0% 6.3% 6.4% 6.8% Forbearance as a % of Repayment & Forbearance 4.9% 4.9% 4.5% 5.4% 5.4% Charge-Offs as a % of Repayment (1) 4.8% 5.1% 6.3% 5.7% 5.0%

Non-Traditional Loans with a Cosigner Q111 Q410 Q310 Q210 Q110 Outstanding Balance as a % of Total 3% 3% 3% 3% 3% 90+ Delinquency as a % of Repayment 12.0% 12.6% 13.3% 13.3% 14.7% Forbearance as a % of Repayment & Forbearance 7.5% 7.1% 7.2% 8.1% 8.0% Charge-Offs as a % of Repayment (1) 9.2% 10.0% 11.5% 12.0% 10.6%

Non-Traditional Loans without a Cosigner Q111 Q410 Q310 Q210 Q110 Outstanding Balance as a % of Total 7% 7% 8% 8% 8% 90+ Delinquency as a % of Repayment 15.4% 16.0% 17.1% 17.2% 19.4% Forbearance as a % of Repayment & Forbearance 6.0% 5.7% 5.6% 6.8% 6.6% Charge-Offs as a % of Repayment (1) 15.1% 17.0% 18.9% 20.6% 17.9%

31

(1) Charge-offs as a percentage of average loans in repayment annualized for the quarters presented

"Core Earnings" Private Education Loan PortfolioPerformance

32

Significant Improvement in Portfolio Quality

33 $ Volume in Billions % of Non Traditional % of Cosigned % ofFor Profit Average Winning FICO Actual 2008 $7.3 15% 54% 33% 708 2009 $6.6 13% 56% 28% 711 2010 $5.2 11% 59% 21% 713

Projected 2011 $2.8 10% 62% 18% 716 2012 $1.4 8% 67% 13% 719 2013 $0.6 7% 71% 12% 726

Legacy Loans Entering Repayment(1)

Projected loans entering repayment does not include new loan originations which are expected to be 100% Traditional loansand have significantly higher FICO scores and cosigners.

(1) Excludes Smart Option loans.

Note: Volume for all years is based on outstanding balances.

Private Loan Repayment Cycle

Major Repayment Wave occurs in the fourth quarter

Early stage delinquencies follow in Q1 and decline in Q2 and Q3

Mid stage delinquencies follow in Q2

Charge offs peak in Q3, concentrated in July

(CHART)

34

Note: Excludes Smart Option loans.

Loan Seasoning

35

Loan Seasoning

36

Loan Seasoning

37

Servicing: A CompetitiveAdvantage

SLM's Competitive Advantage

SLM has a distinct competitive advantage in all facets of theeducation loan market.

Best in Class

Vertically Integrated

Origination/

Servicing/Collections

Strongest National

Brand in

Education

with Consumers

and Schools

State-of-the-Art

Loan Delivery Platform

Largest & Most

Experienced

Sales Team

Breadth of

Products & Services

Over $200B

Serviced,

23 million

Customers

Economies of Scale

Singular Focus

&

Scale

39

Operations locations

40

Fishers, IN

Collections

Information Technology

Servicing

Fulfillment

Call Center

Sales

Reston, VA

Finance

Legal

Information Technology

New York State

Arcade, Perry,Horseheads

Collections

Cincinnati, OH(GRC)

Collections

Niles, IL (AFS)

Collections

Murray, UT

Sallie Mae Bank

Wilkes-Barre, PA

Servicing

Call Center

Newark, DE Headquarters

Credit &Collections

Customer Resolution Srvcs

Servicing

Fraud

Business Development

Washington, DC

Government Relations

Moorestown, NJ

Collections

Corporate Headquarters

Newton, MA

Upromise

Business

Development

Kansas City, MO

Upromise

Campus Solutions

Muncie, IN

Collections

SLM PRIVATE EDUCATION LOAN COLLECTIONS

Sallie Mae services and collects the vast majority ofloans in its Private Education Loan portfolio

Private Education Loan collections are conducted by astand-alone consumer credit collections unit, not thecompany's FFELP collections operations

Private Education Loan collections are managed byindividuals with extensive experience managingcollections operations for credit cards and otherconsumer loans

Over the past two years, Private Education Loancollections technology and practices have beenenhanced

Multi-variable analysis has enabled prioritizationof collection efforts on higher risk borrowers

Forbearance policies have been enhanced toreduce reliance on forbearance as a collectiontool, while still meeting customer needs duringan economic downturn

Additional workout and settlement programshave been introduced to help customers avoiddefault

Collection workstations, dialer capabilities, andinternet utilities have all been enhanced withmore effective technology solutions

Sallie Mae Private Education Loans are charged-off atthe end of the month if the loan exceeds 212 days pastdue

Overview

Collection Philosophy and Fundamentals

Segmented Collection Practices by Risk Tier

Determine optimal contact channel based onborrower's preferences and risk profile. Channelsinclude letter, phone, email, text messaging, Internet

Phone attempts begin at 5-15 days past due

Simultaneous collections efforts on borrower andcosigner

For lowest risk segments, contact begins at 30 daysdue to high self-cure rates

In high risk segments, communication begins beforerepayment to notify borrower of obligation coming due

Delinquency is reported to credit bureaus for borrowerand co-signer beginning at 45 days past due andmonthly thereafter, with no reporting for loans inforbearance

Focus on account ownership by collectors for middleand late stage accounts

Tenured collectors assigned to higher risk accounts

Credit reports reviewed as part of repaymentnegotiation

Locate and make contact with the borrower and/or co-signer simultaneously

Understand and document each borrower's uniquecircumstance and reason for delinquency

Secure and understand how they will stay up-to-dateonce cured from delinquency

Document each account and update demographic andemployment information

Focus on cash collections as the primary accountresolution approach

41

Business Services Segment

42

"Core Earnings" Revenue of $334 million in Q1 2011

More than 77% of revenue generated by FFELP servicing and contingentcollections

ED servicing and collections businesses will grow organically with federalDirect Lending, added focus on increasing market share through performance

Growth in 529 account asset servicing and transaction processing is keyobjective

Plan to leverage campus relationships and servicing capabilities to growCampus Solutions processing business

Business Services Segment Revenue

43(CHART)

Total "Core Earnings" Business Services Revenue of $334 million

For the quarter ended March 31, 2011

Funding Diversity andLiquidity

2011 1st Quarter Capital Markets Summary

Realized gains of $64 million on debt repurchases.

Issued $812 million of FFELP ABS.

Issued a $2 billion unsecured bond.

Expanded and extended our ABCP facility.

ABCP borrowings reduced to $5.0 billion.

Retired all 70 million shares of common stock held in SLM treasury.

April 26, completed $562 million of Private Credit ABS.

45

Liquidity Position Detail

(1) At March 31, 2011, December 31, 2010, and March 31, 2010 includes $1.1 bn, $2.0 bn, and $3.0 bn, respectively, of cash and liquid investments at Sallie Mae Bank.

(2) On November 24, 2010, our remaining bank line of credit was retired.

(3) Borrowing capacity is subject to availability of collateral. As of March 31, 2011, December 31, 2010 and March 31, 2010 we had $2.4 billion, $1.5 billion and $2.6billion, respectively, of outstanding unencumbered FFELP Loans, net, available for use in either the FFELP ABCP facilities or FHLB-DM facility.

Note: Numbers may not add due to rounding

46

Recent ABS Transactions

Recent ABS Transactions

Estimated based on a variety of assumptions concerning loan repayment behavior, as more fully described in the related prospectus,which may be obtained at http://www2.salliemae.com/investors/debtasset/slmsltrusts/. Actual average life may vary significantly fromestimates.

Pricing represents the discount margin to the 10% optional redemption date. The B Class Notes were originally retained and then soldto investors on March 17, 2011.

Pricing represents the discount margin to the 10% optional redemption date.

Pricing represents the yield to expected maturity.

47

Employ conservative long-term funding model

* Funded to Term includes 13% or $23.2 billion of student loans funded under the Straight A Funding Facility asof March 31, 2011, and 17% or $30.6 billion of student loans funded under the ED Purchase and ParticipationProgram and Straight A Funding Facility as of March 31, 2010.(CHART)

High Percentage of Student Loans Funded to Term

48(CHART)

Funding Distribution

At March 31, 2011 total "Core Earnings" borrowings were $190.7 billion

49(CHART)

*Other includes FHLB-DM facility borrowings, on-balance sheet indentured trusts, SLM acquisition funding and other "Core Earnings" borrowings as identifiedin the Q1 2011 Supplemental Earnings Disclosure.

SLM Asset-Backed Funding

SLM ABS Term Issuance Volume

Reported at quarter closing dates, net of paydowns.

Balances inclusive of FFELP and legacy private ABCP, legacy UBS Phoenix facility, FHLB Des Moines and seller financing for the SLCacquisition.

50

SLM Secured Funding ABS Issuance ($ in billions) Q1 11 2010 2009 2008 Non-Consolidation FFELP ABS $ - $ 2.0 $ - $ 18.5 Consolidation FFELP ABS 0.8 - 5.9 - Private Credit ABS - 4.2 7.5 - Total ABS Issuance $ 0.8 $ 6.2 $ 13.4 $ 18.5 Secured Borrowings ($ in billions) Q1 11 2010 2009 2008 Net ED Participation Program (1) $ - $ - $ 9.0 $ 7.4 Straight - A Funding Facility 23.6 24.5 14.3 - ABCP & Other Secured Facilities (2) 6.6 7.9 8.8 24.8 Total Asset Funding $ 30.2 $ 32.4 $ 32.1 $ 32.2

SLM Corporate Debt Activity

SLM Corporate Debt Issuance Volume

SLM Corporate Debt Repurchases

Note: Total may not foot due to rounding.

(1)US$ equivalent at the time of issuance

(2)Face value amounts repurchased

51

Note: Does not include Sallie Mae Bank or Subsidiary funding

Repurchased $825 million of debt in Q1 11

Repurchased $4.9 billion of debt in 2010

Unsecured Debt Maturities 2011 2012 2013 2014 2015 2016 2017 2018 Thereafter Change from Prior Year ($1.8) ($0.4) ($0.4) ($1.9) - $2.0 - - - Change from Q410 ($0.7) - - ($0.7) - $2.0 - - -

52

Unencumbered Assets & Unsecured Debt

53

* On 1/1/10, upon adopting ASC 810, the Retained Interests were removed from the consolidated balance sheet and the assets andliabilities of off-balance sheet ABS were consolidated onto the balance sheet.

** Amounts include loans, cash, and accrued interest receivable less debt outstanding for all secured borrowing facilities. Amountsreflect the current balance and prior period adjustments made to account for the impact of ASC 815. Further detail of the nature ofthe adjustment can be found in the 1Q 2011 SLM Corporation Supplemental Earnings Disclosure.

The difference between unencumbered assets and outstandingunsecured debt continues to diminish

Secured Cash Flow

54

Note: Totals may not add due to rounding

* Net residual represents excess distribution, net of payments on floor contracts and receipts from basis swaps

All APBs are an average of 4 quarterly 2-point averages

Interest to be capitalized not available for On-Balance Sheet Indentured Trust balance

Projected Cash Flows From FFELP Portfolio

Assumptions

CP/LIBOR = 10 basis points

No Floor Income

CPR/CDR = Stafford & Plus (7.0%), Consolidation (3.0%)

55

($ in Millions)

Total Cash Flows from Projected Excess Spread = $9.1 Billion

Total Cash Flows from Projected Servicing Revenues = $5.8 Billion

Sallie Mae Bank

Bank charter

Utah based ILC regulated by FDIC and Utah Department of FinancialInstitutions (UDFI)

Charter granted October 2005

Current bank activity

Originates Sallie Mae's private education loans

Funded through affiliate and brokered deposits and a direct retail depositprogram launched in Feb 2010

18.3% Total Risk-based Capital at March 31, 2011

Dividend of $400 million paid in October 2010

Deposit taking activities

Strong cash position used to fund Private Credit originations

Deposits totaled $6.1 billion at March 31, 2011

$4.5 billion Brokered Deposits

$1.6 billion Direct Retail and other affiliate and non-affiliate Deposits

Brokered Deposit term portfolio has a weighted average maturity of 19.4months

Total deposits decreased by 4.5% in 1Q11 due primarily to brokered depositmaturities

56

Sallie Mae Bank - Capital & Deposits

*Primarily affiliate deposit accounts with no stated maturities

57 Bank Deposits ($ millions) Bank Deposits ($ millions) Bank Deposits ($ millions) Bank Deposits ($ millions) Bank Deposits ($ millions) Bank Deposits ($ millions) Bank Deposits ($ millions) Mar 11 Dec 10 Sep 10 Jun 10 Mar 10 Dec 09 Brokered CDs $4,177 $4,604 $4,961 $5,023 $5,417 $5,632 Brokered - Other 273 274 234 190 205 204 Retail Deposits 1,222 1,090 838 242 4 - Other Deposits* 461 458 542 441 478 495 Total Deposits $6,133 $6,426 $6,575 $5,896 $6,104 $6,331 Regulatory Capital Ratios Regulatory Capital Ratios Regulatory Capital Ratios Regulatory Capital Ratios Regulatory Capital Ratios Regulatory Capital Ratios Regulatory Capital Ratios Ratio Mar 11 Dec 10 Sep 10 Jun 10 Mar 10 Dec 09 Tier 1 Leverage 12.9% 12.1% 16.7% 17.2% 16.2% 15.0% Tier 1 Risk Based 17.0% 18.7% 26.7% 30.4% 30.7% 24.6% Total Risk Based 18.3% 19.7% 27.7% 31.4% 31.6% 25.4%

Risk-Adjusted Capitalization

Capitalization

SLM Corporation

GAAP tangible stockholders' equity as a percentage of total "Core Earnings" assets.

Average GAAP tangible equity including preferred stock to charge-offs. SLM charge-offs based on total "Core Earnings" loans, annualized.

59

1Q11 2010 2009 2008 Tangible Equity/"Core Earnings" Assets(1) 2.3% 2.2% 2.0% 1.8% Tangible Equity/Charge-Offs(2) 4x 3x 3x 7x

Capital Allocation

0.50%

*10% - 12%

SLM allocates capital internally based on the risk of the assets it supports

SLM Corp

Assets

Capital

Allocation

0% - 25%*

Cash,

Investments,Other Assets

10% of

"Core Earnings"

Assets

PrivateEducation

Loans

18% of

"Core Earnings"Assets

GovernmentGuaranteed

Loan Assets

72% of

"Core Earnings"

Assets

Based on Risk

60

*Other Assets includes a small amount of goodwill & intangibles for which capital is allocated at 100%

FFELP Appendix

SLM FFELP ABS Issue Characteristics

Issue size of $0.5B to $1.0B

Tranches or pass-throughdenominated in US$

AAA rated senior tranches make upto 97% of issue structure

Floating rate tied to 1 mo. LIBOR

Amortizing tranches, with 1 to15(+) year average lives

Masterservicer is Sallie Mae, Inc.

Explicit U.S. government guaranteeof underlying collateral insulatesbondholders from virtually any lossof principal(1)

Formerly a 20% risk-weightedasset, now a 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