Exhibit 12.1

NAVIENT CORPORATION

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

(Dollars in millions)

	Years Ended December 31,										Six Months Ended June 30,
	2009		2010		2011		2012		2013		2013		2014
Income (loss) from continuing operations before income taxes	$	789	$	1,229	$	925	$	1,437	$	2,087	$	1,358	$	853
Add: Fixed charges		3,038		2,279		2,404		2,565		2,213		1,125		1,043
Total earnings	$	3,827	$	3,508	$	3,329	$	4,002	$	4,300	$	2,483	$	1,896
Interest expense	$	3,036	$	2,275	$	2,401	$	2,561	$	2,210	$	1,123	$	1,042
Rental expense, net of income		2		4		3		4		3		2		1
Total fixed charges		3,038		2,279		2,404		2,565		2,213		1,125		1,043
Preferred stock dividends		171		121		28		31		31		16		10
Total fixed charges and preferred stock dividends	$	3,209	$	2,400	$	2,432	$	2,596	$	2,244	$	1,141	$	1,053
Ratio of earnings to fixed charges(1)		1.26		1.54		1.38		1.56		1.94		2.21		1.82
Ratio of earnings to fixed charges and preferred stock dividends(1)		1.19		1.46		1.37		1.54		1.92		2.18		1.80

⁽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.