Sallie Mae appoints Remondi President & Chief Operating Officer

Lutz joins as Executive Vice President & General Counsel

RESTON, Va. - SLM Corporation (NYSE: SLM), commonly known as Sallie Mae, announced today that its Board of Directors has appointed John F. (Jack) Remondi President & Chief Operating Officer. In this newly created role, he will be responsible for the company’s loan servicing, collections, information technology, credit and underwriting, and marketing and communications divisions.

Mr. Remondi has served as Vice Chairman & Chief Financial Officer since 2008. Most recently, he helped successfully navigate the financial challenges posed by the economic crisis. Additionally, Mr. Remondi was a key player in the company’s transformation from a government-sponsored entity to a fully private, retail-focused organization.

“Jack is a talented executive who well understands Sallie Mae’s operational strengths and its challenges in our new environment,” said Albert L. Lord, Vice Chairman & CEO. “I congratulate him on this appointment.”

In addition, the Board announced the appointment of Laurent C. Lutz as Executive Vice President & General Counsel. Mr. Lutz was most recently Chief Legal Officer and Secretary of BearingPoint, Inc. Previously, as Associate General Counsel at Accenture Ltd., he was instrumental in the design and implementation of the legal aspects of the company’s transition to a public company. Earlier in his career, he also served as counsel to The Allstate Corporation and practiced law with Mayer Brown, Chapman and Cutler, and Snell & Wilmer.

The current finance, treasury and accounting leadership team will manage the company’s financial functions and report to Mr. Lord until the appointment of a new Chief Financial Officer.

SLM Corporation (NYSE: SLM), commonly known as Sallie Mae, is the nation’s only financial services company specializing in education. Sallie Mae’s saving programs, planning resources and financing options have helped more than 31 million people make the investment in higher education. The company manages or services more than $236 billion in education loans and serves 11 million student and parent customers. Its affiliate Upromise Investments, Inc., manages $27 billion in 529 college savings plans, and members of Upromise by Sallie Mae have earned more than $575 million in rewards to help pay for college. 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.