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 Jun 30,
	2014		2015		2016		2017		2018		2018		2019
Income before income taxes	$	1,818	$	1,580	$	1,108	$	764	$	528	$	274	$	359
Add:  Fixed charges		2,066		2,077		2,445		2,975		3,672		1,775		1,862
Total earnings	$	3,884	$	3,657	$	3,553	$	3,739	$	4,200	$	2,049	$	2,221
Interest expense	$	2,063	$	2,074	$	2,441	$	2,971	$	3,668	$	1,773	$	1,860
Rental expense, net of income		3		3		4		4		4		2		2
Total fixed charges		2,066		2,077		2,445		2,975		3,672		1,775		1,862
Preferred stock dividends		10		-		—		—		—		—		—
Total fixed charges and preferred stock     dividends	$	2,076	$	2,077	$	2,445	$	2,975	$	3,672	$	1,775	$	1,862
Ratio of earnings to fixed charges(1)		1.88		1.76		1.45		1.26		1.14		1.15		1.19
Ratio of earnings to fixed charges and preferred    stock dividends(1)		1.87		1.76		1.45		1.26		1.14		1.15		1.19
(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.