Exhibit 12.1

SLM CORPORATION

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

(Dollars in thousands)

											Nine Months Ended September 30,
	2013		2014		2015		2016		2017		2017		2018
Income before income tax expense	$	416,527	$	333,752	$	439,064	$	414,436	$	491,465	$	378,272	$	367,368
Add: Fixed charges	91,182		98,404		132,048		189,717		312,396		220,979		370,592
Total earnings	$	507,709	$	432,156	$	571,112	$	604,153	$	803,861	$	599,251	$	737,960
Interest expense	$	89,085	$	95,815	$	128,619	$	185,908	$	308,082	$	217,777	$	366,942
Rental expense, net of income	2,097		2,589		3,429		3,809		4,314		3,202		3,650
Total fixed charges	91,182		98,404		132,048		189,717		312,396		220,979		370,592
Preferred stock dividends	—		12,933		19,595		21,204		15,714		12,577		11,441
Total fixed charges and preferred stock dividends	$	91,182	$	111,337	$	151,643	$	210,921	$	328,110	$	233,556	$	382,033
Ratio of earnings to fixed charges(1)	5.57		4.39		4.33		3.18		2.57		2.71		1.99
Ratio of earnings to fixed charges and preferred stock dividends(1)	5.57		3.88		3.77		2.86		2.45		2.57		1.93

(1) For purposes of computing these ratios, earnings represent income 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.