Exhibit 12.1

SLM CORPORATION

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

(Dollars in thousands)

	Years Ended
	2008			2009		2010		2011		2012
Income (loss) from continuing operations before income taxes	$	(34,213	)	$	807,878	$	1,090,299	$	927,454	$	1,432,004
Add: Fixed charges		5,909,338			3,037,524		2,279,139		2,404,340		2,564,952
Total earnings	$	5,875,125		$	3,845,402	$	3,369,438	$	3,331,794	$	3,996,956
Interest expense	$	5,905,418		$	3,035,639	$	2,274,771	$	2,400,914	$	2,561,671
Rental expense, net of income		3,920			1,885		4,368		3,426		3,281
Total fixed charges		5,909,338			3,037,524		2,279,139		2,404,340		2,564,952
Preferred stock dividends		110,556			172,799		130,635		27,411		31,211
Total fixed charges and preferred stock dividends	$	6,019,894		$	3,210,323	$	2,409,774	$	2,431,751	$	2,596,163
Ratio of earnings to fixed charges(1)(2)		—			1.27		1.48		1.39		1.56
Ratio of earnings to fixed charges and preferred stock dividends(1)(3)		—			1.20		1.40		1.37		1.54

(1) For purposes of computing these ratios, earnings represent income (loss) from continuing operations before income tax expense plus fixed charges. Fixed charges represent interest expensed and capitalized plus one-third (the proportion deemed representative of the interest factor) of rents, net of income from subleases.

(2) Due to a pre-tax loss from continuing operations of $34 million for the year ended December 31, 2008, the ratio coverage was less than 1:1. We would have needed to generate $34 million of additional earnings in the year ended December 31, 2008 for the ratio coverage to equal 1:1.

(3) Due to a pre-tax loss from continuing operations of $34 million for the year ended December 31, 2008, the ratio coverage was less than 1:1. We would have needed to generate $145 million of additional earnings in the year ended December 31, 2008 for the ratio coverage to equal 1:1.