X0306 4 2017-01-27 0001032033 SLM CORP SLM 0001607121 McGarry Steven 300 CONTINENTAL DRIVE NEWARK DE 19713 1 EVP & Chief Financial Officer Common Stock 2017-01-27 4 A 0 40712 0 A 345938.3371 D Common Stock 2017-01-27 4 A 0 15664 0 A 361602.3371 D Common Stock 2017-01-27 4 F 0 368 11.79 D 361234.3371 D Common Stock 2141.858 I 401(k) Savings Plan A long-term incentive award of restricted stock units ("RSUs") under the SLM Corporation 2012 Omnibus Incentive Plan, which is classified as "Common Stock," as permitted, since the RSUs will be settled solely by delivery of shares of SLM Corporation (the "Company") common stock. Subject to continuing employment, these RSUs vest in one-third increments on January 27, 2018, 2019 and 2020. A portion of Mr. McGarry's 2016 Management Incentive Plan Award was granted in the form of RSUs that carry transfer restrictions that lapse in one-third increments on January 27, 2018, 2019 and 2020, regardless of continued employment. Represents shares of the Company common stock required to be withheld to satisfy Mr. McGarry's tax withholding obligations upon the grant of RSUs. Represents the number of units held in a unitized stock fund in the Sallie Mae 401(k) Savings Plan as of January 23, 2017. /s/ Nicolas Jafarieh (POA) for Steven J. McGarry 2017-01-31