RESTON, Va., Feb. 4, 2008—SLM Corporation (NYSE: SLM), commonly known as Sallie Mae, issued the following statement: 

We are disappointed by today’s announcement by Standard & Poor’s (S&P). We are committed over the long term to strengthen and improve our investment-grade rating.

Notwithstanding a tumultuous 2007, Sallie Mae remains a profitable company, and has been for 35 consecutive years. We are the leading provider of federally guaranteed and private education student loans. We will increase that position in 2008 and in future years.

We have taken several steps in the last several months to further strengthen the company, including:

• Raising more than $3 billion in equity capital
• Securing commitments for more than $31 billion in financing from some of the world’s largest financial institutions
• Demonstrating consistent financing capacity in turbulent markets by raising $9 billion of AAA-rated asset-backed securities since October.
• Eliminating the company’s equity forward positions
• Settling the lawsuit over the proposed buyout of the company.
• Ending non-standard private lending programs

We believe these steps lay the foundation necessary for long-term growth to better position the company to thrive in these challenging financial markets. We look forward to working with S&P and the other ratings agencies to demonstrate our financial strength and stability.

For more information contact:
Tom Joyce (703) 984-5610 (media)
Martha Holler (703) 984-5178 (media)
Steve McGarry (703) 984-6746 (investor)
Joe Fisher (703) 984-5755 (investor)