Sallie Mae Supports Community`s Student Loan Reform Proposal

Increases Pell Grant Funding on Par with Administration's Plan

Enhances Administration's Plan by Avoiding Significant Operational Risks and
Assuring Competition and Choice in Marketplace
RESTON, Va.--(Business Wire)--
Sallie Mae, the nation`s leading saving, planning and paying for education
company, today announced its support for the Student Loan Community Proposal to
reform the student loan program. Put forward by a diverse coalition that
includes non-profit, for-profit, and state-based service providers and guaranty
agencies, the alternative proposal enhances the Administration`s plan to better
serve students, families, schools, and taxpayers.

The student loan community`s plan achieves the two key objectives: it generates
the same or greater budget savings as the President`s plan; and the community`s
plan avoids the significant transition risks posed by switching loan origination
systems on more than $50 billion of private-sector-originated loans at some
5,000 schools.

The proposal offered by the student loan community also assures the choice and
competition in the marketplace, which has spurred innovation, superior customer
service, and low defaults. It would allow regional and national service
providers to continue delivering loans without interruption to the millions of
students and families who rely on those loans to achieve their dreams of a
higher education.

As this proposal moves forward, Sallie Mae pledges to continue to work
constructively with the Administration and Congress to implement the best
possible student loan program for students, schools, and taxpayers.

More information on the Student Loan Community Proposal is available at
www.studentloanfacts.org.

SLM Corporation (NYSE:SLM), commonly known as Sallie Mae, is the nation`s
leading provider of saving- and paying-for-college programs. Through its
subsidiaries, the company manages $185 billion in education loans and has 10
million student and parent customers. Through its Upromise affiliates, the
company also manages $17 billion in 529 college-savings plans, and is a major,
private source of college funding contributions in America with 10 million
members and more than $475 million in member rewards. Sallie Mae and its
subsidiaries offer debt management services as well as business and technical
products to a range of business clients, including higher education
institutions, student loan guarantors and state and federal agencies. More
information is available at www.salliemae.com. SLM Corporation and its
subsidiaries are not sponsored by or agencies of the United States of America.

Media Contact:
Sallie Mae
Martha Holler, 703-984-5178

Copyright Business Wire 2009