Exhibit 12.1

NAVIENT CORPORATION

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

(Dollars in millions)

											Three Months Ended Mar 31,
	2011		2012		2013		2014		2015		2015		2016
Income (loss) from continuing operations before income taxes	$	925	$	1,437	$	2,087	$	1,837	$	1,600	$	473	$	284
Add: Fixed charges		2,404		2,565		2,213		2,066		2,077		514		566
Total earnings	$	3,329	$	4,002	$	4,300	$	3,903	$	3,677	$	987	$	850
Interest expense	$	2,401	$	2,561	$	2,210	$	2,063	$	2,074	$	514	$	565
Rental expense, net of income		3		4		3		3		3		—		1
Total fixed charges		2,404		2,565		2,213		2,066		2,077		514		566
Preferred stock dividends		28		31		31		10		—		—		—
Total fixed charges and preferred stock dividends	$	2,432	$	2,596	$	2,244	$	2,076	$	2,077	$	514	$	566
Ratio of earnings to fixed charges(1)		1.38		1.56		1.94		1.89		1.77		1.92		1.50
Ratio of earnings to fixed charges and preferred stock dividends(1)		1.37		1.54		1.92		1.88		1.77		1.92		1.50

(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.