Exhibit 99.1
(SALLIEMAE NEWS RELEASE)
         
FOR IMMEDIATE RELEASE
  Media Contact:   Investor Contacts:
 
  Tom Joyce   Steve McGarry
 
  703/984-5610   703/984-6746
 
  Martha Holler   Joe Fisher
 
  703/984-5178   703/984-5755
SALLIE MAE ANNOUNCES FOURTH-QUARTER AND FULL-YEAR 2008 RESULTS
     · Student Loan Originations Exceed $24 Billion in 2008
     · Federal Student Loan Originations Grow 25 Percent in Quarter
     · Private Student Loan Provision Increases
RESTON, Va., Jan. 21, 2009
— SLM Corporation (NYSE: SLM), commonly known as Sallie Mae, today reported fourth-quarter and full-year 2008 results that reflect significant growth in federal student loan originations and increased provisions for private loan losses.
     “In the midst of this historic financial environment for consumers and businesses, the federal government’s liquidity solutions continue to allow us to deliver — at a net savings to taxpayers — access to federal loans for every student who seeks one,” said Albert L. Lord, chief executive officer. “Thanks to timely action by Congress and the Departments of Education and Treasury, we increased our federal student loan originations in 2008 and continued our mission to help students and families pay for college.”
     Core earnings net income was $65 million, or $.08 diluted earnings per share, in the 2008 fourth quarter. The company provided $348 million for managed private loan losses in the fourth quarter 2008, reducing the current quarter’s earnings per diluted share $.20 from the prior quarter and bringing the full-year 2008 managed private loan provision to $874 million. Also, the commercial paper/LIBOR spread, which was wider during the quarter than the historical average, reduced earnings per diluted share by $.06 in the 2008 fourth quarter compared to the prior quarter.
     For the full-year 2008, core earnings net income was $526 million, or $.89 diluted earnings per share. This includes the after-tax effects of restructuring-related expenses of $57 million ($.12 diluted loss per share), purchased-paper business losses of $199 million ($.43 diluted loss per share), and a reduction of premium expense on student loans as a result of loan prepayment assumption changes of $22 million ($.05 diluted earnings per share).
 

(FOOTER)


The following information was filed by Slm Corp (SLM) on Wednesday, January 21, 2009 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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