Credit Suisse Financial Services ForumFebruary 7, 2008

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This presentation contains forward-looking statements and information that are based on management’s current expectations as of the date of this document. When used in this report, the words “anticipate,” “believe,” “estimate,” “intend” and “expect” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to risks, uncertainties, assumptions and other factors that may cause the actual results to be materially different from those reflected in such forward-looking statements. These factors include, among others, the occurrence of any event, change or other circumstances that could give rise to our ability to cost-effectively refinance the interim asset-backed commercial paper facilities extended by Bank of America and JPMorgan Chase in connection with the Merger Agreement including any potential foreclosure on the student loans under those facilities following their termination, increased financing costs and more limited liquidity; any adverse outcomes in any significant litigation to which we are a party; our derivative counterparties may terminate their positions with the Company if its credit ratings fall to certain levels and the Company could incur substantial additional costs to replace any terminated positions; changes in the terms of student loans and the educational credit marketplace arising from the implementation of applicable laws and regulations and from changes in these laws and regulations, which may reduce the volume, average term and yields on student loans under the Federal Family Education Loan Program (“FFELP”) or result in loans being originated or refinanced under non-FFELP programs or may affect the terms upon which banks and others agree to sell FFELP loans to the Company. In addition, a larger than expected increase in third party consolidations of our FFELP loans could materially adversely affect our results of operations. The Company could also be affected by changes in the demand for educational financing or in financing preferences of lenders, educational institutions, students and their families; incorrect estimates or assumptions by management in connection with the preparation of our consolidated financial statements; changes in the composition of our Managed FFELP and Private Education Loan portfolios; changes in the general interest rate environment and in the securitization markets for education loans, which may increase the costs or limit the availability of financings necessary to initiate, purchase or carry education loans; changes in projections of losses from loan defaults; changes in general economic conditions; changes in prepayment rates and credit spreads; and changes in the demand for debt management services and new laws or changes in existing laws that govern debt management services. The Company does not undertake any obligation to update or revise these forward looking statements to conform the statement to actual results or changes in the Company’s expectations.

Forward-Looking Statements

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SLM Overview

After the impact of Interim ABCP Facility Fees, before Provision for Losses and including the Wholesale Consolidation Loans.

• Top originator, servicer and collector of student loans in the U.S. education lending market

• More than 10 million customers

• Relationships with over 6,000 schools

• Managed Loans exceed $163 billion

FFELP Loans, 33%

Private Loans, 36%

Guarantor Services,

4%

APG, 16%

Other, 11%

2007 “Core Earnings” Sources of Income

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Student Loan Originations -

Focus on school relationships that generate acceptable returns under new FFELP economics and increased funding spreads

Curtail unprofitable originations with little strategic value, including

High default rate non-traditional schools and borrowers

Lower tier credit borrowers

Wholesale FFELP Consolidation Loan acquisitions

Adjust pricing of Private Education Loan products to reflect market conditions

Reduce Borrower Benefits

Regain A rating

Business Strategy

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2000 2002 2004 2006 2008 2010 2012 2014 2016

in m

illio

nsStrong Industry Trends Continue

Growth in EducationEnrollment Projections

Degree Granting InstitutionsAnnual Cost of Education

($ thousands)

$8.1 $9.0 $9.7$13.6

$21.5 $22.2 $23.9 $24.9 $26.1 $27.5 $28.7 $30.4 $32.3

$10.6 $11.4 $12.1 $12.8$8.4

2000 2001 2002 2003 2004 2005 2006 2007 2008

Public PrivatePublic CAGR: 6.8% Private CAGR: 5.1%

Source: College BoardNote: Academic years, average published tuition, fees, room and boardcharges at four-year institutions; enrollment-weighted

Source: National Center for Education StatisticsNote: Total enrollment in all degree-granting institutions; middle alternative projections for 2006 onward

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Earnings & Unemployment by Degree

$0

$20

$40

$60

$80

$100

$120

Less t

han H

.S.High Sch

oolSome C

ollege

Associa

teBac

helor's

Master

's

Doctorat

ePro

fessio

nal

$ th

ousa

nds

0%

2%

4%

6%

8%

Earnings Unemployment Rate

Source: U.S. Census Bureau, Current Population Survey, 2006 Annual Social and Economic Supplement. Represents median earnings for a full time, year-round worker over age 25. Unemployment data as of 2006. Represents unemployment for civilian noninstitutionalpopulation over age 25.

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Managed Private Education Loan Portfolio Performance

Portfolio Performance -

• Defaults are concentrated among a small set of non-traditional schools and borrowers

• Non-Traditional portfolio accounted for 60% of all charge-offs

• Failure to complete program is major driver of defaults

• More than 65% of borrowers that charged off withdrew from programs or were less than ½ time status

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Divergent Portfolio Performance90 Days Delinquent as a % of Repay

0%

3%

6%

9%

12%

15%

18%

1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07

Non-Traditional Total Traditional

• Delinquency & charge-off rates at non-traditional schools and borrowers much higher than portfolio average

• Credit quality at traditional schools and borrowers produces high risk-adjusted returns

Gross Charge-Offs as a % of Average Repay

0%

3%

6%

9%

12%

15%

18%

1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07

Non-Traditional Total Traditional

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Loan Loss Provision for Private Education Loans

2007 2006

TraditionalNon-

Traditional Total TraditionalNon-

Traditional Total

Loan Loss Allowance (LLA) 424 796 1,220 179 215 394

Net Charge-Offs as % Average Loans in Repayment 1.47% 12.15% 3.07% 0.63% 7.17% 1.62%

LLA as % of Ending Loans In Repayment 3.34% 36.93% 8.21% 1.82% 11.82% 3.38%

LLA as % of Ending Loans 1.64% 17.38% 4.13% 0.89% 5.91% 1.71%

Net Charge-Off Coverage 2.57 3.29 3.00 3.33 2.01 2.44

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FFELP Spread Pro Forma Table

Stafford Loan in Repay Pre-CCRAA

Stafford Loan in Repay Post CCRAA

Repay SAP Spread 2.34% 1.79%

Funding Costs 0.55% 0.55%Lender Origination Fees 0.10% 0.20%

Borrower Benefits Zero & Guarantee Fee (2.00% - AY08-09) 0.40% 0.40% Repayment Benefits 0.09% 0.09% Total Borrower Benefit Costs 0.49% 0.49%

Net Loan Spread 1.20% 0.55%

Risk Sharing 0.02% 0.06%Origination and Servicing Costs 0.41% 0.41%

Pre-tax Yield 0.77% 0.08%

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Current vs. Future State – Preferred Channel Originations

$17.6$16.4

$7.9 $7.6

$0

$5

$10

$15

$20

2007 2008 - Forecast

FFELP Private

• Preferred channel originations at traditional schools expected to increase 10% FFELP and 15% Private Education

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Fee Income Streams

Contingency Fee, $288

Collections - Non-Mortgage,

$217

Collections - Mortgage, $52

Other DMO, $48Guarantor Servicing Fees,

$156

Upromise, $124

Late Fees, $134

Other, $154

• Diverse yet complimentary lines of business

• Contingency Inventory of $9.7 Billion

• Collecting on behalf of the Dept of Education for close to ten years

• Upromise – largest private source of college funding contributions

• Guarantor Servicing for student loans

Fee Based Revenue

$1,173 Million

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Operations Review

The new economics of student lending require a more efficient operating structure

Undertake a review of all business activities for justification in new environment

Achieve appropriate risk-adjusted returns across all business segments

First steps taken with more to come particularly on the expense side

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Funding Requirements

FFELP$135.2 Billion

Term ABS, $97.0

ABCP Conduit,

$15.4

Unsecured, $22.8

Private$28.3 Billion

Term ABS, $15.7

ABCP Conduit,

$4.6

Unsecured, $8.0

Term Funded Portfolio and Spread

L + 0.24L + 0.54

L + 0.32

L + 0.37

L + 0.32

L + 0.52

• 88% of portfolio is term funded

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2008 Funding Plan

• Commitments received for $31 Bn warehouse line of credit• Funding for both FFELP and Private Education Loans

• Term FFELP ABS issuance of $25+ Bn• Expected cost of funds L + 50

• Term Private Education ABS issuance of $3 Bn• Expected cost of funds L + 100

• Term Unsecured debt issuance of $1 Bn• Expected cost of funds L + 250

• Expected CP – LIBOR spread of 12 bps in 2008

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FFELP Student Loan has EXPLICITGovernment Guarantee

Managed FFELP charge-offs 3 bps in 2007

ABS investment dollars are likely to be redirected into high-quality ABS, such as “AAA” FFELP ABS

Issued $8.9 Billion in Term FFELP ABS since October

FFELP ABS – Highest Quality Asset Class

Auto14.1%

Credit Card6.7%Sub-prime

Mtge64.7%

Equipment1.5%

Student Loans9.1%

Other3.9%

Auto28.5%

Sub-prime Mtge5.2%

Equipment3.7% Student

Loans16.2%

Other3.8%

Credit Card42.7%

Q406 Issuance by Industry: $180 Billion

Q407 Issuance by Industry: $55 Billion

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Liquidity Position

At December 31, 2007, SLM maintained a primary liquidity position of $26.7B

6.5B$6.5B CP and Bank Lines

Stand-by Liquidity:

Dec 31, 2007Sources of Primary Liquidity:

18.7BUnencumbered FFELP Loans(2)

$26.7BTotal Sources of Primary Liquidity

$45.4BTotal Primary and Stand-by Liquidity

4.0B$30.0B Interim Asset-Backed CP Program (1)

5.9B$6.0B Asset-Backed CP Program

$10.3BUnrestricted Cash & Investments

(1) $30.0 billion Interim ABCP facility effectively terminates on May 16, 2008 but our cost of funding will increase substantially to Prime plus 2% if the facility is not refinanced prior to February 15, 2008.

(2) Total unencumbered assets equal $51.7B and include $11.7B Private Education Loans and $21.3B other assets.

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Outlook

• Grow both Private and FFELP market share at traditional schools• Expect 10% growth in FFELP originations• Expect 15+% growth in Private Education Loan originations

• Improve profitability of Lending segment• Lower Borrower Benefits• Re-price Private Education Loans• Increase operating efficiency

• Focus on traditional schools and borrowers leads to improved credit quality• Significantly lower delinquencies and charge-offs

• Re-establish diversified funding sources• Unsecured debt markets• Secured markets• Bank deposits

• Improve profitability of fee income businesses • Increase operating efficiency• Exit low risk return adjusted businesses

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Non-GAAP Financial Measures - The following presentation includes non-GAAP performance measures. A presentation of the most comparable GAAP financial measures and a reconciliation of the non-GAAP performance measures to the most directly comparable GAAP financial measures are included in the our most recent quarterly earnings release, quarterly earnings report on Form 10-Q and annual report on Form 10-K, which are available on our website at (http://www2.salliemae.com/investors/stockholderinfo/earningsinfo) and(http://www2.salliemae.com/investors/stockholderinfo/secfilings) and on the SEC’s website (http://www.sec.gov).

U.S. Government Guaranteed Student Loans – The following presentation contains references to U.S. Government guaranteed student loans. All such references are to loans made in compliance with the Federal Family Education Loan Program (“FFELP”), under Title IV of the Higher Education Act, to finance educational costs. As more fully described in our most recent quarterly earnings release, quarterly earnings report on Form 10-Q and annual report on Form 10-K, available on our website at (http://www2.salliemae.com/investors/stockholderinfo/earningsinfo) and (http://www2.salliemae.com/investors/stockholderinfo) and on the SEC’s website (http://www.sec.gov), the federal guarantee of FFELP loans is conditioned on loans being originated, disbursed and serviced in accordance with ED regulations. In addition, unless a loan default results from the borrower’s death, disability or bankruptcy, the federal government guarantees only 97 percent of the principal balance (95 percent on loans disbursed after October 1, 2012) plus accrued interest and the holder of the loan generally must absorb the three percent (five percent after October 1, 2012) not guaranteed as a loss on the loan (“Risk Sharing”).

Additional Information - The following presentation contains certain information about the Company that management believes is important to investors, but should be read in conjunction with other material information about the Company, including, but not limited to, the operational, market and interest rate, political and regulatory, liquidity, credit, and consolidation loan refinancing risks that the Company faces. For a discussion of the risks described above as well as additional information about the Company you should refer to our most recent quarterly earnings release, quarterly report on Form 10-Q and annual report on Form 10-K, available on our website at (http://www2.salliemae.com/investors/stockholderinfo/earningsinfo) and(http://www2.salliemae.com/investors/stockholderinfo/secfilings) and on the SEC’s website (http://www.sec.gov). For a discussion of the specific characteristics of any specific security, you should refer to the pricing supplement, prospectus supplement and/or prospectus applicable to that security.

Disclosures

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“Core Earnings” Presentation

Used by SLM’s management in developing financial plans, tracking results, establishing corporate performance targets and determining incentive compensation

Used by equity investors, credit rating agencies and debt capital providers to measure the company’s business performance

Treat securitizations as long-term financings and recognize the economic effect of hedges; specifically exclude (i) gains on sales from securitizations, and the subsequent Retained Interest revenue (ii) derivative unrealized mark-to-market adjustments, (iii) unhedged floor income, and (iv) goodwill and intangible impairment and the amortization of acquired intangibles

Reflect only current period adjustments to GAAP earnings and are not a substitute for reported results under GAAP

May not be comparable to similarly titled measures reported by other companies

Note: Both a description of SLM’s "Core Earnings" treatment and a full reconciliation to the GAAP income statement is contained in the supplemental earnings disclosure to the company’s quarterly earnings releases and most recent Form 10-Q.

“Core Earnings” Performance Measures –