Exhibit 99.1
  Media Contact:
Martha Holler
Investor Contacts:
Steve McGarry
Joe Fisher
RESTON, Va., Jan. 20, 2010
— SLM Corporation (NYSE: SLM), commonly known as Sallie Mae, reported net income on a core earnings basis of $249 million ($.41 per diluted share) for the fourth quarter ended Dec. 31, 2009, compared to $65 million ($.08 per diluted share) for the year-ago quarter.
These results were reduced in part by a $98 million ($.19 per diluted share) loss from the sale of the company’s mortgage purchased paper business, a $34 million ($.07 per diluted share) charge against its purchased consumer receivables, both after tax, and a $33 million ($.06 per diluted share) charge for the early conversion of a portion of the company’s Series C Preferred Stock into common stock. Offsetting these losses was a $46 million ($.09 per diluted share) after-tax gain from debt repurchases.
For the full-year 2009, core earnings net income was $597 million ($.96 per diluted share), compared to $526 million ($.89 per diluted share) in 2008.
“The economy presented capital market challenges this year,” said Albert L. Lord, vice chairman & CEO. “We enter 2010 with stronger capital, asset quality and liquidity. We will continue to build balance sheet strength in this difficult economy as we begin to grow our earnings again.”
Lending Business
Core net interest income after provision for loan losses was $320 million in the fourth quarter, compared to $242 million in the prior quarter and $161 million in the year-ago quarter. During the fourth quarter, the company sold $17.6 billion of federal loans originated under U.S. Department of Education's (ED) loan participation program and received $271 million.
The company originated $4.5 billion in federal student loans in the fourth quarter, up 14 percent from the year-ago quarter. Federal student loan originations were $21.7 billion in 2009, a 21-percent increase from 2008.
Private education loan originations were down for both the quarter and the year, reflecting tightened underwriting and the effect of increased federal student loan limits. Private education loan originations were $381 million in the fourth quarter. The company originated $3.2 billion of private education loans in 2009.
Sallie Mae     12061 Bluemont Way     Reston, Va 20190     www.salliemae.com


The following information was filed by Slm Corp (SLM) on Wednesday, January 20, 2010 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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