NAVIENT CORPORATION

RATIO OF EARNINGS TO FIXED CHARGES AND

PREFERRED STOCK DIVIDENDS

(Dollars in thousands)

The following table sets forth our ratio of earnings to fixed charges and preferred stock dividends for the five years ended December 31, 2013 and the three month periods ended March 31, 2014 and March 31, 2013, respectively.

	Years Ended										Three Months Ended Mar 31,
	2009		2010		2011		2012		2013		2013		2014
Income (loss) from continuing operations before income taxes	$	789	$	1,229	$	925	$	1,437	$	2,087	$	556	$	355
Add: Fixed charges		3,038		2,279		2,404		2,565		2,213		572		530
Total earnings	$	3,827	$	3,508	$	3,329	$	4,002	$	4,300	$	1,128	$	885
Interest expense	$	3,036	$	2,275	$	2,401	$	2,561	$	2,210	$	571	$	530
Rental expense, net of income		2		4		3		4		3		1		—
Total fixed charges		3,038		2,279		2,404		2,565		2,213		572		530
Preferred stock dividends		171		121		28		31		31		8		8
Total fixed charges and preferred stock dividends	$	3,209	$	2,400	$	2,432	$	2,596	$	2,244	$	580	$	538
Ratio of earnings to fixed charges(1)		1.26		1.54		1.38		1.56		1.94		1.97		1.67
Ratio of earnings to fixed charges and preferred stock dividends(1)		1.19		1.46		1.37		1.54		1.92		1.95		1.65

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