Exhibit 12.1

NAVIENT CORPORATION

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

(Dollars in millions)

											Nine Months Ended Sep 30,
	2010		2011		2012		2013		2014		2014		2015
Income (loss) from continuing operations before income taxes	$	1,229	$	925	$	1,437	$	2,087	$	1,837	$	1,416	$	1,148
Add: Fixed charges		2,279		2,404		2,565		2,213		2,066		1,552		1,555
Total earnings	$	3,508	$	3,329	$	4,002	$	4,300	$	3,903	$	2,968	$	2,703
Interest expense	$	2,275	$	2,401	$	2,561	$	2,210	$	2,063	$	1,550	$	1,553
Rental expense, net of income		4		3		4		3		3		2		2
Total fixed charges		2,279		2,404		2,565		2,213		2,066		1,552		1,555
Preferred stock dividends		121		28		31		31		10		10		—
Total fixed charges and preferred stock dividends	$	2,400	$	2,432	$	2,596	$	2,244	$	2,076	$	1,562	$	1,555
Ratio of earnings to fixed charges(1)		1.54		1.38		1.56		1.94		1.89		1.91		1.74
Ratio of earnings to fixed charges and preferred stock dividends(1)		1.46		1.37		1.54		1.92		1.88		1.90		1.74

(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.