Sallie Mae to relocate headquarters to Delaware

Reston, Va., July 1, 2010—SLM Corporation (NYSE: SLM), commonly known as Sallie Mae, today announced that it will relocate its corporate headquarters to near Newark, Del., by March 31, 2011. The relocation to Delaware is consistent with other strategic initiatives the company is taking to align its cost structure with its continuing businesses following the passage of the Health Care and Education Reconciliation Act.

“This decision reflects our need to adapt to the massive changes in our business. We have enjoyed nearly 40 years in the D.C. area; however, the objective is to combine the senior management team in a single location. Delaware officials helped make these changes as efficient as possible,” said Albert L. Lord, CEO.

Sallie Mae opened a facility in Newark, Del., in November 2008 that focuses on the company’s private student loan business, including credit underwriting, collection, customer service, compliance, business development, and its new retail deposit business.

Sallie Mae headquarters moved to Reston, Va., from Washington, D.C., in 1996.

For more information contact:

Martha Holler(703) 984-5178 (media)

Steve McGarry(703) 984-6745 (investors)

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 $182 billion in education loans and serves 10 million student and parent customers. In addition, the company’s Upromise program has enabled 12 million members to earn more than $525 million in rewards to help pay for college. Its Upromise affiliates also manage more than $25 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 atwww.SallieMae.com. SLM Corporation and its subsidiaries are not sponsored by or agencies of the United States of America.