Exhibit 12.1

SLM CORPORATION

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Dollars in thousands)

	Years Ended December 31,
	2010			2011		2012		2013		2014
Income (loss) before income tax expense (benefit)	$	(122,669	)	$	87,848	$	341,869	$	416,527	$	333,752
Add: Fixed charges	146,256			107,896		84,708		91,182		98,404
Total earnings	$	23,587		$	195,744	$	426,577	$	507,709	$	432,156
Interest expense	$	143,927		$	105,385	$	82,912	$	89,085	$	95,815
Rental expense, net of income	2,329			2,511		1,797		2,097		2,589
Total fixed charges	146,256			107,896		84,709		91,182		98,404
Preferred stock dividends	—			—		—		—		12,933
Net income attributable to SLM Corporation common stock	$	146,256		$	107,896	$	84,709	$	91,182	$	111,337
Ratio of earnings to fixed charges(1) (2)	—			1.81		5.04		5.57		5.57
Ratio of earnings to fixed charges and preferred stock dividends(1)(2)	—			1.81		5.04		5.57		3.88

(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 $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.