Exhibit 12.1

NAVIENT CORPORATION

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

(Dollars in millions)

	Years Ended December 31,										Six Months Ended Jun 30,
	2013		2014		2015		2016		2017		2017		2018
Income (loss) from continuing operations     before income taxes	$	2,087	$	1,818	$	1,580	$	1,108	$	764	$	313	$	274
Add:  Fixed charges		2,213		2,066		2,077		2,445		2,975		1,396		1,775
Total earnings	$	4,300	$	3,884	$	3,657	$	3,553	$	3,739	$	1,709	$	2,049
Interest expense	$	2,210	$	2,063	$	2,074	$	2,441	$	2,971	$	1,394	$	1,773
Rental expense, net of income		3		3		3		4		4		2		2
Total fixed charges		2,213		2,066		2,077		2,445		2,975		1,396		1,775
Preferred stock dividends		31		10		—		—		—		—		—
Total fixed charges and preferred stock     dividends	$	2,244	$	2,076	$	2,077	$	2,445	$	2,975	$	1,396	$	1,775
Ratio of earnings to fixed charges(1)		1.94		1.88		1.76		1.45		1.26		1.22		1.15
Ratio of earnings to fixed charges     and preferred stock dividends(1)		1.92		1.87		1.76		1.45		1.26		1.22		1.15
(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.