Exhibit 12.1

SLM Corporation
Ratio of Earnings to Fixed Charges and Preferred Dividends
(Dollars in thousands)

		Years ended December 31,															Six months ended June 30,
		1997			1998			1999			2000			2001			2001			2002
Pre-tax income from continuing operations before adjustment for minority interests in consolidated subsidiaries		$	759,748		$	750,131		$	751,652		$	711,591		$	617,388		$	493,399		$	850,166
Add:	Fixed charges		2,544,584			1,948,995			2,140,588			2,879,548			2,163,461			1,283,090			636,476
Less:	Other adjustments		—			—			—			—			—			—			—
Less:	Preferred dividends		(18,428	)		(23,998	)		(25,803	)		(42,677	)		(39,346	)		(20,780	)		(8,846	)
Total earnings		$	3,285,904		$	2,675,128		$	2,866,437		$	3,548,462		$	2,741,503		$	1,755,709		$	1,477,796
Fixed charges
	Interest expense	$	2,526,156		$	1,924,997		$	2,114,785		$	2,836,871		$	2,124,115		$	1,262,310		$	627,630
	Preferred dividends		18,428			23,998			25,803			42,677			39,346			20,780			8,846
	Other adjustments		—			—			—			—			—			—			—
Total fixed charges		$	2,544,584		$	1,948,995		$	2,140,588		$	2,879,548		$	2,163,461		$	1,283,090		$	636,476
Ratio of earnings to fixed charges and preferred stock dividends			1.29			1.37			1.34			1.23			1.27			1.37			2.32
Ratio of earnings to fixed charges			1.29			1.38			1.34			1.24			1.27			1.37			2.34
	For purposes of the "earnings" computation, "other adjustments" includes the capitalized interest cost.
	For purposes of the "fixed charges" computation, other adjustments includes the capitalized interest cost.
Preference Security Dividend
	Amount of Dividend	$	11,978		$	15,599		$	15,334		$	16,218		$	14,074		$	7,757		$	—
	Amount of Dividend							$	1,438		$	11,522		$	11,501		$	5,750		$	5,750
	I-Tax Rate		0.65			0.65			0.65			0.65			0.65			0.65			0.65
	Pre-tax earnings required to pay dividend		18,428			23,998			25,803			42,677			39,346			20,780			8,846