Exhibit 12.1

SLM CORPORATION

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Dollars in thousands)

	Years Ended December 31,
	2011		2012		2013		2014		2015
Income before income tax expense	$	87,848	$	341,869	$	416,527	$	333,752	$	439,064
Add: Fixed charges	107,896		84,709		91,182		98,404		132,048
Total earnings	$	195,744	$	426,578	$	507,709	$	432,156	$	571,112
Interest expense	$	105,385	$	82,912	$	89,085	$	95,815	$	128,619
Rental expense, net of income	2,511		1,797		2,097		2,589		3,429
Total fixed charges	107,896		84,709		91,182		98,404		132,048
Preferred stock dividends	—		—		—		12,933		19,595
Net income attributable to SLM Corporation common stock	$	107,896	$	84,709	$	91,182	$	111,337	$	151,643
Ratio of earnings to fixed charges(1)	1.81		5.04		5.57		4.39		4.33
Ratio of earnings to fixed charges and preferred stock dividends(1)	1.81		5.04		5.57		3.88		3.77

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