SLM Corporation Announces Preferred Dividends

RESTON, Va.--(Business Wire)--
SLM Corporation (NYSE: SLM), commonly known as Sallie Mae, today announced a
2010 first-quarter dividend on its Preferred Stock Series A of $0.87125 per
share. The dividend on the Preferred Stock Series A will be paid on Feb. 1, 2010
to shareholders of record at the close of business on Jan. 22, 2010.

In addition, the company announced a 2009 fourth-quarter dividend on its
Preferred Stock Series B of $0.2515139 per share. The dividend on the Preferred
Stock Series B will be paid on Dec. 15, 2009 to shareholders of record at the
close of business on Dec. 4, 2009.

Finally, the company announced a 2009 fourth-quarter dividend on its Preferred
Stock Series C of $18.125 per share. The dividend on the Preferred Stock Series
C will be paid on Dec. 15, 2009 to shareholders of record at the close of
business on Dec. 1, 2009.

On Sept. 30, 2009, SLM Corporation had 3.3 million shares of Preferred Stock
Series A, 4 million shares of Preferred Stock Series B and 1 million shares of
Preferred Stock Series C outstanding. The Preferred Stock Series A and B trade
on the New York Stock Exchange.

SLM Corporation (NYSE: SLM), commonly known as Sallie Mae, is the nation`s
leading provider of saving, planning and paying for education programs. Through
its subsidiaries, the company manages $192 billion in education loans and serves
10 million student and parent customers. Through its Upromise affiliates, the
company also manages more than $21 billion in 529 college-savings plans, and is
a major, private source of college funding contributions in America with 11
million members and more than $500 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.

Sallie Mae
Erica Eriksdotter +1-703-984-5628
Erica.Eriksdotter@SallieMae.com

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