Exhibit 12.1

SLM CORPORATION

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Dollars in thousands)

	Years Ended
	2009			2010			2011		2012		2013
Income (loss) before income tax expense (benefit)	$	(123,671	)	$	(122,669	)	$	87,848	$	341,871	$	416,528
Add: Fixed charges	169,719			146,256			107,896		84,708		91,182
Total earnings	$	46,048		$	23,587		$	195,744	$	426,579	$	507,710
Interest expense	$	167,055		$	143,927		$	105,385	$	82,911	$	89,085
Rental expense, net of income	2,664			2,329			2,511		1,797		2,097
Total fixed charges	$	169,719		$	146,256		$	107,896	$	84,708	$	91,182
Ratio of earnings to fixed charges(1) (2) (3)	—			—			1.81		5.04		5.57

(1) For purposes of computing these ratios, earnings represent income (loss) 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.

(2) Due to a pre-tax loss from operations of $123,671 for the year ended December 31, 2009, the ratio coverage was less than 1:1. We would have needed to generate $123,671 million of additional earnings in the year ended December 31, 2009 for the ratio coverage to equal 1:1.

(3) Due to a pre-tax loss from operations of $122,669 for the year ended December 31, 2010, the ratio coverage was less than 1:1. We would have needed to generate $122,669 million of additional earnings in the year ended December 31, 2010 for the ratio coverage to equal 1:1.