Exhibit 12.1

SLM CORPORATION

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

(Dollars in thousands)

	Years Ended December 31,										Three Months Ended March 31,
'	2011		2012		2013		2014		2015		2015		2016
Income before income tax expense	$	87,848	$	341,869	$	416,527	$	333,752	$	439,064	$	79,421	$	104,790
Add: Fixed charges	107,896		84,709		91,182		98,404		132,048		31,286		40,475
Total earnings	$	195,744	$	426,578	$	507,709	$	432,156	$	571,112	$	110,707	$	145,265
Interest expense	$	105,385	$	82,912	$	89,085	$	95,815	$	128,619	$	30,402	$	39,592
Rental expense, net of income	2,511		1,797		2,097		2,589		3,429		884		883
Total fixed charges	107,896		84,709		$	91,182	98,404		132,048		31,286		40,475
Preferred stock dividends	—		—		—		12,933		19,595		4,823		5,139
Total fixed charges and preferred stock dividends	$	107,896	$	84,709	$	91,182	$	111,337	$	151,643	$	36,109	$	45,614
Ratio of earnings to fixed charges(1)	1.81		5.04		5.57		4.39		4.33		3.54		3.59
Ratio of earnings to fixed charges and preferred stock dividends(1)	1.81		5.04		5.57		3.88		3.77		3.07		3.18

(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.