Sallie Mae Appoints Tony Terracciano Chairman of the Board

Former Executive Jack Remondi Returns to Company's Management Team
RESTON, Va.--(Business Wire)--SLM Corporation (NYSE: SLM), commonly known as Sallie Mae,
announced today that its Board of Directors has appointed Anthony P.
Terracciano as Chairman of the Board. Albert L. Lord has been
appointed Vice Chairman of the Board and will continue in his capacity
as Chief Executive Officer. In addition, the Board also announced the
appointment of John (Jack) F. Remondi as Vice Chairman and Chief
Financial Officer.

Mr. Terracciano was formerly President of First Union Corporation
(now Wachovia), Chairman and Chief Executive Officer of First Fidelity
Bank Corporation, President and Chief Operating Officer of Mellon
Bank, Vice Chairman of Chase Manhattan Bank, and non-executive
Chairman of both The Dime Bank and Riggs National Corporation.

"In a variety of chief executive and board leadership roles, Mr.
Terracciano has a long and successful track record of delivering on
his commitments to shareholders," said Mr. Lord. "When I asked the
Board to consider returning to a split of the chairman and chief
executive positions, Tony was the logical choice to lead the Board."

Sallie Mae has a 35-year history of separating the Board chair and
chief executive roles, with the exception of the recent three-week
period during which Mr. Lord held both positions.

"Sallie Mae has a long history of excellent performance. The
company plays a crucial role in helping to ensure that our country
continues to have the talent it needs to sustain its leadership role
in the world. This assignment is a unique opportunity to contribute to
a great franchise and to the country," said Mr. Terracciano.

Mr. Remondi, who joined Sallie Mae in 1999 upon the company's
acquisition of Nellie Mae, was a key player in Sallie Mae's
transformation from a government-sponsored entity to a fully private,
retail-focused organization. Most recently, Mr. Remondi was portfolio
manager at Par Capital Management, a Boston-based investment
management company.

"Jack and I worked well together for six years," Mr. Lord said.
"He is a talented and experienced financial executive who is well
known and respected among our debt and equity investors."

"I am excited to return to Sallie Mae, and I look forward to
working with the entire Sallie Mae team to demonstrate the company's
financial strength and franchise value," said Mr. Remondi.

The company also announced that it will release 2007
fourth-quarter and full-year earnings results prior to the opening of
U.S. stock markets on Wednesday, Jan. 23, 2008. Messrs. Terracciano,
Lord and Remondi will host a conference for shareholders the same day
to discuss the company's 2007 results and future outlook for 2008,
including details regarding projected earnings per share, funding,
loan origination strategy and loan loss provisions. Additional meeting
details and logistics will be announced in the near future.

SLM Corporation (NYSE: SLM), commonly known as Sallie Mae, is the
nation's leading provider of saving- and paying-for-college programs.
The company manages $160 billion in education loans and serves nearly
10 million student and parent customers. Through its Upromise
affiliates, the company also manages $19 billion in 529
college-savings plans, and 8 million members have joined Upromise to
help save for college with rewards on purchases at nearly 70,000
places. 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
Media
Tom Joyce, +1-703-984-5610
tom.joyce@salliemae.com
or
Martha Holler, +1-703-984-5178
martha.holler@salliemae.com
or
Investors
Steve McGarry, +1-703-984-6746
steven.j.mcgarry@salliemae.com

Copyright Business Wire 2008