SLM Corporation Announces Preferred Dividends

SLM Corporation (NYSE: SLM), commonly known as Sallie Mae, today announced a 2010 second-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 April 30, 2010 to shareholders of record at the close of business on April 20, 2010.

In addition, the company announced a 2010 first-quarter dividend on its Preferred Stock Series B of $0.2384375 per share. The dividend on the Preferred Stock Series B will be paid on March 15, 2010 to shareholders of record at the close of business on March 5, 2010.

Finally, the company announced a 2010 first-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 March 15, 2010 to shareholders of record at the close of business on March 1, 2010.

On Dec. 31, 2009, SLM Corporation had 3.3 million shares of Preferred Stock Series A, 4 million shares of Preferred Stock Series B and 0.8 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 saving, planning and paying for education company. Sallie Mae’s saving programs, planning resources and financing options have helped more than 31 million people make the investment in higher education. Through its subsidiaries, the company manages $176 billion in education loans and serves 10 million student and parent customers. In addition, the company’s Upromise program has enabled 11 million members to earn more than $525 million in rewards to help pay for college. Its Upromise affiliates also manage more than $23 billion in 529 college-savings plans. Sallie Mae offers services to a range of institutional clients, including colleges and universities, 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.