Sallie Mae Increases Common Stock Dividend, Authorizes $400 Million Share Repurchase Program

  Sallie Mae Increases Common Stock Dividend, Authorizes $400 Million Share
  Repurchase Program

     Declares Preferred Stock Series B Dividend, Sets Annual Meeting Date

Business Wire

NEWARK, Del. -- February 5, 2013

Sallie Mae (NASDAQ: SLM), formally SLM Corporation, announced that its Board
of Directors today approved increasing the quarterly dividend on the company’s
common stock from 12.5 cents to 15 cents per share. The next quarterly
dividend will be paid on March 15 to shareholders of record at the close of
business on March 1.

The Board of Directors also authorized a $400 million share repurchase program
for the company’s outstanding common stock. The program does not have an
expiration date.

In addition, the company announced a 2013 first-quarter dividend on its
Preferred Stock Series B of $0.4908444 per share. The dividend on the
Preferred Stock Series B will be paid on March 15 to Series B shareholders of
record at the close of business on March 5.

The company also scheduled May 30, 2013, as the date for its 2013 Annual
Meeting of Shareholders. The meeting will take place at 11 a.m. EDT at the
company’s headquarters in Newark, Del. (300 Continental Drive). Shareholders
of record on April 2 may vote.

Sallie Mae (NASDAQ: SLM) is the nation’s No. 1 financial services company
specializing in education. Celebrating 40 years of making a difference, Sallie
Mae continues to turn education dreams into reality for American families,
today serving 25 million customers. With products and services that include
529 college savings plans, Upromise rewards, scholarship search and planning
tools, education loans, insurance, and online banking, Sallie Mae offers
solutions that help families save, plan, and pay for college. Sallie Mae also
provides financial services to hundreds of college campuses as well as to
federal and state governments. Learn more at SallieMae.com. Commonly known as
Sallie Mae, SLM Corporation and its subsidiaries are not sponsored by or
agencies of the United States of America.

Contact:

Sallie Mae
Media:
Patricia Nash Christel, 302-283-4076
patricia.christel@SallieMae.com
or
Investors:
Joe Fisher, 302-283-4075
joe.fisher@SallieMae.com
or
Steven McGarry, 302-283-4074
steven.j.mcgarry@SallieMae.com