SLM (SLM) 10-K 26 Feb 10 2009 FY Annual report Financial data

Document and Company Informatio

Document and Company Information (USD $)
In Billions, except Share data	12 Months Ended Dec. 31, 2009	Jan. 31, 2010	Jun. 30, 2009
Document and Company Information [Abstract]
Entity Registrant Name	SLM CORP
Entity Central Index Key	0001032033
Document Type	10-K
Document Period End Date	2009-12-31
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			4.8
Entity Common Stock, Shares Outstanding (actual number)		484,912,370

Consolidated Balance Sheets

Consolidated Balance Sheets (USD $)
In Thousands	Dec. 31, 2009	Dec. 31, 2008
Assets
FFELP Stafford and Other Student Loans (net of allowance for losses of $104,219 and $90,906, respectively)	$42,978,874	$44,025,361
FFELP Stafford Loans Held-for-Sale	9,695,714	8,450,976
FFELP Consolidation Loans (net of allowance for losses of $56,949 and $46,637, respectively)	68,378,560	71,743,435
Private Education Loans (net of allowance for losses of $1,443,440 and $1,308,043, respectively)	22,753,462	20,582,298
Other loans (net of allowance for losses of $73,985 and $58,395, respectively)	420,233	729,380
Investments
Available-for-sale	1,273,275	861,008
Other	740,553	180,397
Total investments	2,013,828	1,041,405
Cash and cash equivalents	6,070,013	4,070,002
Restricted cash and investments	5,168,871	3,535,286
Retained Interest in off-balance sheet securitized loans	1,828,075	2,200,298
Goodwill and acquired intangible assets, net	1,177,310	1,249,219
Other assets	9,500,358	11,140,777
Total assets	169,985,298	168,768,437
Liabilities
Short-term borrowings	30,896,811	41,933,043
Long-term borrowings	130,546,272	118,224,794
Other liabilities	3,263,593	3,604,260
Total liabilities	164,706,676	163,762,097
Preferred stock, par value $.20 per share, 20,000 shares authorized
Common stock, par value $.20 per share, 1,125,000 shares authorized: 552,220 and 534,411 shares issued, respectively	110,444	106,883
Additional paid-in capital	5,090,891	4,684,112
Accumulated other comprehensive loss (net of tax benefit of $23,448 and $43,202, respectively)	(40,825)	(76,476)
Retained earnings	604,467	426,175
Total SLM Corporation stockholders' equity before treasury stock	7,140,347	6,855,464
Common stock held in treasury at cost: 67,222 and 66,958 shares, respectively	1,861,738	1,856,394
Total SLM Corporation stockholders' equity	5,278,609	4,999,070
Noncontrolling interest	13	7,270
Total equity	5,278,622	5,006,340
Total liabilities and stockholders' equity	169,985,298	168,768,437
Preferred stock
Preferred stock, par value $.20 per share, 20,000 shares authorized
Total equity	1,375,370	1,714,770
Preferred stock, series A
Preferred stock, par value $.20 per share, 20,000 shares authorized
Preferred stock	165,000	165,000
Preferred stock, series B
Preferred stock, par value $.20 per share, 20,000 shares authorized
Preferred stock	400,000	400,000
Preferred stock, series C
Preferred stock, par value $.20 per share, 20,000 shares authorized
Preferred stock	$810,370	$1,149,770

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) (USD $)
In Thousands	Dec. 31, 2009	Dec. 31, 2008
Assets
Allowance for other student loans losses	$104,219	$90,906
Allowance for consolidation loans losses	56,949	46,637
Allowance for private education loans losses	1,443,440	1,308,043
Allowance for other loans losses	73,985	58,395
Preferred stock, par value $.20 per share, 20,000 shares authorized
Preferred stock, par value	0.2	0.2
Preferred stock, shares authorized	20,000	20,000
Common stock, par value	0.2	0.2
Common stock, shares authorized	1,125,000	1,125,000
Common stock, shares issued	552,220	534,411
Tax effect for accumulated other comprehensive loss	$23,448	$43,202
Common stock held in treasury	67,222	66,958
Preferred stock, series A
Preferred stock, par value $.20 per share, 20,000 shares authorized
Preferred stock, par value	50	50
Preferred stock, shares issued	3,300	3,300
Preferred stock, series B
Preferred stock, par value $.20 per share, 20,000 shares authorized
Preferred stock, par value	100	100
Preferred stock, shares issued	4,000	4,000
Preferred stock, series C
Preferred stock, par value $.20 per share, 20,000 shares authorized
Preferred stock series C, par value	810	1,150
Preferred stock, shares issued	1,000	1,000
Mandatory convertible preferred stock, dividend rate	0.0725	0.0725

Consolidated Statements of Inco

Consolidated Statements of Income (USD $)
In Thousands, except Per Share data	12 Months Ended Dec. 31, 2009	12 Months Ended Dec. 31, 2008	12 Months Ended Dec. 31, 2007
Interest income:
FFELP Stafford and Other Student Loans	$1,211,587	$1,994,394	$2,060,993
FFELP Consolidation Loans	1,882,195	3,178,692	4,343,138
Private Education Loans	1,582,514	1,737,554	1,456,471
Other loans	56,005	82,734	105,843
Cash and investments	26,064	276,264	707,577
Total interest income	4,758,365	7,269,638	8,674,022
Total interest expense	3,035,639	5,905,418	7,085,772
Net interest income	1,722,726	1,364,220	1,588,250
Less: provisions for loan losses	1,118,960	719,650	1,015,308
Net interest income after provisions for loan losses	603,766	644,570	572,942
Other income (loss) :
Gains on student loan securitizations	0	0	367,300
Servicing and securitization revenue	295,297	261,819	437,097
Gains (losses) on sales of loans and securities, net	283,836	(186,155)	(95,492)
Gains (losses) on derivative and hedging activities, net	(604,535)	(445,413)	(1,360,584)
Contingency fee revenue	295,883	340,140	335,737
Collections revenue	51,152	127,823	219,683
Guarantor servicing fees	135,562	121,363	156,429
Other	929,151	392,076	385,303
Total other income	1,386,346	611,653	445,473
Expenses:
Salaries and benefits	549,137	602,868	728,095
Other operating expenses	706,169	712,083	759,895
Restructuring expenses	13,767	83,516	22,505
Total expenses	1,269,073	1,398,467	1,510,495
Income (loss) from continuing operations, before income tax expense (benefit)	721,039	(142,244)	(492,080)
Income tax expense (benefit)	238,364	(76,769)	408,275
Net income (loss) from continuing operations	482,675	(65,475)	(900,355)
Income (loss) from discontinued operations, net of tax benefit	(157,690)	(143,219)	6,276
Net income (loss)	324,985	(208,694)	(894,079)
Less: net income attributable to noncontrolling interest	847	3,932	2,315
Net income (loss) attributable to SLM Corporation	324,138	(212,626)	(896,394)
Preferred stock dividends	145,836	111,206	37,145
Net income (loss) attributable to SLM Corporation common stock	178,302	(323,832)	(933,539)
Net income (loss) attributable to SLM Corporation:
Continuing operations, net of tax	481,828	(69,407)	(902,670)
Discontinued operations, net of tax	(157,690)	(143,219)	6,276
Net income (loss) attributable to SLM Corporation	$324,138	($212,626)	($896,394)
Basic earnings (loss) per common share attributable to SLM Corporation common shareholders:
Continuing operations	0.71	-0.39	-2.28
Discontinued operations	-0.33	-0.3	0.02
Total	0.38	-0.69	-2.26
Average common shares outstanding	470,858	466,642	412,233
Diluted earnings (loss) per common share attributable to SLM Corporation common shareholders:
Continuing operations	0.71	-0.39	-2.28
Discontinued operations	-0.33	-0.3	0.02
Total	0.38	-0.69	-2.26
Average common and common equivalent shares outstanding	471,584	466,642	412,233
Dividends per common share attributable to SLM Corporation common shareholders	$0	$0	0.25

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders Equity (USD $)
In Thousands, except Share data	Preferred stock	Total Stockholders' Equity	Common Stock		Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Treasury Stock	Noncontrolling Interest	Total
Beginning Balance, shares at Dec. 31, 2006	7,300,000		433,112,982	410,616,812				(22,496,170)
Beginning Balance at Dec. 31, 2006	$565,000	$4,360,042	$86,623		$2,565,211	$349,111	$1,834,718	($1,040,621)	$9,115	$4,369,157
Comprehensive income:
Net income (loss)		(896,394)					(896,394)		2,315	(894,079)
Other comprehensive income, net of tax:
Change in unrealized gains (losses) on investments, net of tax		(101,591)				(101,591)				(101,591)
Change in unrealized gains (losses) on derivatives, net of tax		(15,004)				(15,004)				(15,004)
Defined benefit pension plans adjustment		3,848				3,848				3,848
Comprehensive income		(1,009,141)							2,315	(1,006,826)
Cash dividends:
Common stock dividends		(102,658)					(102,658)			(102,658)
Restricted stock dividend		(8)					(8)			(8)
Issuance of common shares		2,148,482	19,876		1,940,708		(235,548)	423,446		2,148,482
Issuance of common shares, shares			99,380,099	109,196,633				9,816,534
Issuance of preferred shares	1,000,000	968,674			(30,678)		(648)			968,674
Issuance of preferred shares, shares	1,000,000
Tax benefit related to employee stock option and purchase plans		49,016			49,016					49,016
Stock-based compensation cost		65,917			65,917					65,917
Cumulative effect of accounting change		(5,761)					(5,761)			(5,761)
Repurchase of common shares:
Open market repurchases		(65,018)						(65,018)		(65,018)
Open market repurchases, shares				(1,809,700)				(1,809,700)
Equity forward settlement:
Settlement cost, cash		(164,437)						(164,437)		(164,437)
Settlement cost, shares				(4,110,929)				(4,110,929)
(Gain) loss on settlement		54,716						54,716		54,716
Equity forwards agreed to be settled:
Settlement cost, cash		(1,992,938)						(1,992,938)		(1,992,938)
Settlement cost, shares				(44,039,890)				(44,039,890)
(Gain) loss on settlement		1,105,975						1,105,975		1,105,975
Benefit plans		(152,829)						(152,829)		(152,829)
Benefit plans, shares				(3,311,239)				(3,311,239)
Contributions									2,947	2,947
Noncontrolling interest - other									(3,017)	(3,017)
Ending Balance at Dec. 31, 2007	1,565,000	5,223,535	106,499		4,590,174	236,364	557,204	(1,831,706)	11,360	5,234,895
Ending Balance, shares at Dec. 31, 2007	8,300,000		532,493,081	466,541,687				(65,951,394)
Comprehensive income:
Net income (loss)		(212,626)					(212,626)		3,932	(208,694)
Other comprehensive income, net of tax:
Change in unrealized gains (losses) on investments, net of tax		(45,360)				(45,360)				(45,360)
Change in unrealized gains (losses) on derivatives, net of tax		(71,412)				(71,412)				(71,412)
Defined benefit pension plans adjustment		(1,413)				(1,413)				(1,413)
Comprehensive income		(330,811)							3,932	(326,879)
Cash dividends:
Restricted stock dividend		(1,852)					(1,852)			(1,852)
Issuance of common shares		39,036	382		38,575			79		39,036
Issuance of common shares, shares			1,908,595	1,912,262				3,667
Issuance of preferred shares	150,000	145,345			(4,005)		(650)			145,345
Issuance of preferred shares, shares	150,000
Conversion of preferred shares	(230)	0	2		228					0
Conversion of preferred shares, shares	(230)		9,595	9,595
Tax benefit related to employee stock option and purchase plans		(16,981)			(16,981)					(16,981)
Stock-based compensation cost		76,121			76,121					76,121
Cumulative effect of accounting change						(194,655)	194,655
Equity forwards agreed to be settled:
Benefit plans		(24,767)						(24,767)		(24,767)
Benefit plans, shares				(1,010,673)				(1,010,673)
Acquisition of noncontrolling interest in Purchased Paper business									(4,355)	(4,355)
Noncontrolling interest - other									(3,667)	(3,667)
Ending Balance at Dec. 31, 2008	1,714,770	4,999,070	106,883		4,684,112	(76,476)	426,175	(1,856,394)	7,270	5,006,340
Ending Balance, shares at Dec. 31, 2008	8,449,770		534,411,271	467,452,871				(66,958,400)
Comprehensive income:
Net income (loss)		324,138					324,138		847	324,985
Other comprehensive income, net of tax:
Change in unrealized gains (losses) on investments, net of tax		2,872				2,872				2,872
Change in unrealized gains (losses) on derivatives, net of tax		40,087				40,087				40,087
Defined benefit pension plans adjustment		(7,308)				(7,308)				(7,308)
Comprehensive income		359,789							847	360,636
Cash dividends:
Restricted stock dividend		(10)					(10)			(10)
Issuance of common shares		3,298	107		3,186			5		3,298
Issuance of common shares, shares			536,036	536,134				98
Issuance of preferred shares					650		(650)
Conversion of preferred shares	(339,400)		3,454		365,357		(29,411)
Conversion of preferred shares, shares	(339,400)		17,272,269	17,272,269
Tax benefit related to employee stock option and purchase plans		(9,710)			(9,710)					(9,710)
Stock-based compensation cost		47,296			47,296					47,296
Equity forwards agreed to be settled:
Benefit plans		(5,349)						(5,349)		(5,349)
Benefit plans, shares				(263,640)				(263,640)
Sale of international Purchased Paper - Non-Mortgage business									(7,257)	(7,257)
Noncontrolling interest - other									(847)	(847)
Ending Balance at Dec. 31, 2009	$1,375,370	$5,278,609	$110,444		$5,090,891	($40,825)	$604,467	($1,861,738)	$13	$5,278,622
Ending Balance, shares at Dec. 31, 2009	8,110,370		552,219,576	484,997,634				(67,221,942)

1_Consolidated Statements of Ch

Consolidated Statements of Changes in Stockholders Equity (Parenthetical) (USD $)
	Preferred stock, series A	Preferred stock, series A Total Stockholders' Equity	Preferred stock, series A Retained Earnings	Preferred stock, series B	Preferred stock, series B Total Stockholders' Equity	Preferred stock, series B Retained Earnings	Preferred stock, series C	Preferred stock, series C Total Stockholders' Equity	Preferred stock, series C Retained Earnings	Total Stockholders' Equity	Retained Earnings	Total
Cash dividends:
Common stock, Dividends per common share attributable to SLM Corporation common shareholders										0.25	0.25	0.25
Preferred stock, Dividends per preferred share	3.49	3.49	3.49	6.25	6.25	6.25	0.2	0.2	0.2
Cash dividends:
Preferred stock, Dividends per preferred share	3.49	3.49	3.49	4.09	4.09	4.09	69.48	69.48	69.48
Cash dividends:
Preferred stock, Dividends per preferred share	3.49	3.49	3.49	1.76	1.76	1.76	72.5	72.5	72.5

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (USD $)
In Thousands	12 Months Ended Dec. 31, 2009	12 Months Ended Dec. 31, 2008	12 Months Ended Dec. 31, 2007
Operating activities
Net income (loss)	$324,985	($208,694)	($894,079)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Loss (income) from discontinued operations, net of tax	157,690	143,219	(6,276)
Gains on student loan securitizations	0	0	(367,300)
Gains (losses) on sales of loans and securities, net	580	186,155	95,492
Stock-based compensation cost	51,065	86,271	74,621
Unrealized (gains)/losses on derivative and hedging activities, excluding equity forwards	324,443	559,895	(214,963)
Unrealized (gains)/losses on derivative and hedging activities - equity forwards	0	0	1,558,025
Provisions for loan losses	1,118,960	719,650	1,015,308
Student loans originated for sale	(19,099,583)	(7,787,869)	0
Decrease (increase) in restricted cash - other	40,051	96,617	(84,537)
Decrease (increase) in accrued interest receivable	893,516	(279,082)	(1,046,124)
(Decrease) increase in accrued interest payable	(517,401)	(200,501)	214,401
Adjustment for non-cash (income)/loss related to Retained Interest	329,953	425,462	279,246
(Increase) decrease in other assets, goodwill and acquired intangible assets, net	(23,405)	421,667	836,564
(Decrease) in other liabilities	(29,276)	(155,768)	(890,464)
Cash (used in) provided by operating activities - continuing operations	(16,753,407)	(5,784,284)	1,463,993
Cash provided by (used in) operating activities - discontinued operations	514,713	301,234	(618,117)
Total net cash (used in) operating activities	(15,913,709)	(5,691,744)	(48,203)
Investing activities
Student loans acquired	(9,403,093)	(23,337,946)	(39,303,005)
Loans purchased from securitized trusts	(5,978)	(1,243,671)	(4,448,766)
Reduction of student loans:
Installment payments, claims and other	10,749,227	10,333,901	11,413,044
Proceeds from securitization of student loans treated as sales	0	0	1,976,599
Proceeds from sales of student loans	788,221	496,183	1,013,295
Other loans - originated	(2,823)	(1,138,355)	(3,396,501)
Other loans - repaid	261,491	1,542,307	3,420,187
Other investing activities, net	(573,251)	(135,041)	(358,209)
Purchases of available-for-sale securities	(128,478,198)	(101,140,587)	(90,087,504)
Proceeds from sales of available-for-sale securities	100,056	328,530	73,217
Proceeds from maturities of available-for-sale securities	127,951,879	102,436,912	89,353,103
Purchases of held-to-maturity and other securities	(889)	(500,255)	(330,450)
Proceeds from maturities of held-to-maturity securities and other securities	79,171	407,180	435,468
(Increase) decrease in restricted cash - on-balance sheet trusts	(1,181,275)	918,403	(1,293,846)
Return of investment from Retained Interest	26,513	403,020	276,996
Purchase of subsidiaries, net of cash acquired	0	(37,868)	0
Net cash provided by (used in) investing activities	311,051	(10,667,287)	(31,256,372)
Financing activities
Borrowings collateralized by loans in trust - issued	12,997,915	17,986,955	23,943,837
Borrowings collateralized by loans in trust - repaid	(5,689,713)	(6,299,483)	(6,429,648)
Asset-backed commercial paper conduits, net	(16,138,186)	(1,649,287)	21,073,857
ED Participation Program, net	19,301,929	7,364,969	0
ED Conduit Program facility, net	14,313,837	0	0
Other short-term borrowings issued	298,294	2,592,429	594,434
Other short-term borrowings repaid	(1,434,538)	(1,512,031)	(2,342,953)
Other long-term borrowings issued	4,333,181	3,563,003	1,567,602
Other long-term borrowings repaid	(9,504,267)	(9,518,655)	(3,188,249)
Other financing activities, net	(751,087)	284,659	901,263
Excess tax benefit from the exercise of stock-based awards	0	281	30,316
Common stock issued	664	5,979	2,125,111
Net settlements on equity forward contracts	0	0	(614,217)
Common stock repurchased	0	0	(2,222,394)
Common dividends paid	0	0	(102,658)
Preferred stock issued	0	145,345	968,674
Preferred dividends paid	(115,775)	(110,556)	(36,497)
Noncontrolling interest, net	(9,585)	(6,606)	(3,094)
Net cash provided by financing activities	17,602,669	12,847,002	36,265,384
Net increase (decrease) in cash and cash equivalents	2,000,011	(3,512,029)	4,960,809
Cash and cash equivalents at beginning of year	4,070,002	7,582,031	2,621,222
Cash and cash equivalents at end of year	6,070,013	4,070,002	7,582,031
Cash disbursements made for:
Interest	3,656,545	6,157,096	6,897,773
Income taxes	$298,285	$699,364	$1,097,340

Organization and Business

Organization and Business
	12 Months Ended Dec. 31, 2009 USD / shares
Organization and Business [Abstract]
Organization and Business	1. Organization and Business SLM Corporation (the Company) is a holding company that operates through a number of subsidiaries. The Company was formed 37years ago as the Student Loan Marketing Association, a federally chartered government-sponsored enterprise (the GSE), with the goal of furthering access to higher education by acting as a secondary market for student loans. In 2004, the Company completed its transformation to a private company through its wind-down of the GSE. The GSEs outstanding obligations were placed into a Master Defeasance TrustAgreement as of December29, 2004, which was fully collateralized by direct, noncallable obligations of the United States. The Companys primary business is to originate and hold student loans by providing funding, delivery and servicing support for education loans in the United States through its participation in the Federal Family Education Loan Program (FFELP) and through offering non-federally guaranteed Private Education Loans. The Company primarily markets its FFELP Stafford and Private Education Loans through on-campus financial aid offices. The Company has expanded into a number of fee-based businesses, most notably its Asset Performance Group (APG), which is presented as a distinct segment in accordance with the Financial Accounting Standards Boards (FASB) Accounting Standards Codification (ASC) 280, Segment Reporting. The Companys APG business segment provides a wide range of accounts receivable and collections services including student loan default aversion services, defaulted student loan portfolio management services, contingency collections services for student loans and other asset classes, and accounts receivable management and collection for purchased portfolios of receivables that are delinquent or have been charged off by their original creditors as well as sub-performing and non-performing mortgage loans. In 2008, the Company concluded that its APG purchased paper business no longer produced a mutual strategic fit. The Company sold its international Purchased Paper Non-Mortgage business in the first quarter of 2009. The Company sold all of its assets in the Purchased-PaperMortgage/Properties business in the fourth quarter of 2009. The Company continues to wind down the domestic side of its Purchased PaperNon-Mortgage business. The Company also earns fees for a number of services, including student loan and guarantee servicing, and for providing processing capabilities and information technology to educational institutions as well as 529college savings plan program management, transfer and servicing agent services, and administration services through Upromise Investments, Inc. (UII) and Upromise Investment Advisors, LLC (UIA). The Company also operates a consumer savings network through Upromise, Inc. (Upromise). References in this Annual Report to Upromise refer to Upromise and its subsidiaries, UII and UIA. On April16, 2007, the Company announced that a buyer group (Buyer Group) led by J.C. Flowers Co. (J.C. Flowers), Bank of America, N.A. and JPMorgan Chase, N.A. had signed a definitive agreement (Merger Agreement) to acquire the Company (

Significant Accounting Policies

Significant Accounting Policies
	12 Months Ended Dec. 31, 2009 USD / shares
Significant Accounting Policies [Abstract]
Significant Accounting Policies	2. Significant Accounting Policies Consolidation The consolidated financial statements include the accounts of SLM Corporation and its majority-owned and controlled subsidiaries and those Variable Interest Entities (VIEs) for which SLM Corporation is the primary beneficiary, after eliminating the effects of intercompany accounts and transactions. ASC 810, Consolidation, requires VIEs to be consolidated by their primary beneficiaries. A VIE exists when either the total equity investment at risk is not sufficient to permit the entity to finance its activities by itself, or the equity investors lack one of three characteristics associated with owning a controlling financial interest. Those characteristics are the direct or indirect ability to make decisions about an entitys activities that have a significant impact on the success of the entity, the obligation to absorb the expected losses of an entity, and the rights to receive the expected residual returns of the entity. As further discussed in Note8, Student Loan Securitization, the Company does not consolidate any qualifying special purpose entities (QSPEs) created for securitization purposes in accordance with ASC 860, Transfers and Servicing. All of the Companys off-balance sheet securitizations meet the definition of a QSPE and are not consolidated. The Companys accounting treatment for its on-balance sheet securitizations, which are not QSPEs, are governed by ASC 810 and are consolidated in the accompanying financial statements as the Company is the primary beneficiary. Use of Estimates The Companys financial reporting and accounting policies conform to generally accepted accounting principles in the United States of America (GAAP). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Key accounting policies that include significant judgments and estimates include valuation and income recognition related to allowance for loan losses, loan effective interest rate method (student loan premiums and discounts), fair value measurements, securitization activities (gain on sale and the related Retained Interest), and derivative accounting. Fair Value Measurement The Company uses estimates of fair value in applying various accounting standards for its financial statements. Under GAAP, fair value measurements are used in one of four ways: In the consolidated balance sheet with changes in fair value recorded in the consolidated statement of income; In the consolidated balance sheet with changes in fair value recorded in the accumulated other comprehensive income section of the consolidated statement of changes in stockholders equity; In the consolidated balance sheet for instruments carried at lower of cost or fair value with impairment charges recorded in the consolid

Student Loans

Student Loans
	12 Months Ended Dec. 31, 2009 USD / shares
Student Loans [Abstract]
Student Loans	3. Student Loans The FFELP is subject to comprehensive reauthorization every five years and to frequent statutory and regulatory changes. The most recent reauthorization of the student loan programs was the Higher Education Reconciliation Act of 2005 (the Reconciliation Legislation). There are three principal categories of FFELP loans: Stafford, PLUS, and FFELP Consolidation Loans. Generally, Stafford and PLUS Loans have repayment periods of between five and ten years. FFELP Consolidation Loans have repayment periods of twelve to thirty years. FFELP loans do not require repayment, or have modified repayment plans, while the borrower is in-school and during the grace period immediately upon leaving school. The borrower may also be granted a deferment or forbearance for a period of time based on need, during which time the borrower is not considered to be in repayment. Interest continues to accrue on loans in the in-school, deferment and forbearance period. FFELP loans obligate the borrower to pay interest at a stated fixed rate or a variable rate reset annually (subject to a cap) on July 1 of each year depending on when the loan was originated and the loan type. The Company earns interest at the greater of the borrowers rate or a floating rate based on the SAP formula, with the interest earned on the floating rate that exceeds the interest earned from the borrower being paid directly by ED. In low or certain declining interest rate environments when student loans are earning at the fixed borrower rate, and the interest on the funding for the loans is variable and declining, the Company can earn additional spread income that it refers to as Floor Income. For loans disbursed after April1, 2006, FFELP loans effectively only earn at the SAP rate, as the excess interest earned when the borrower rate exceeds the SAP rate (Floor Income) must be refunded to ED. FFELP loans are guaranteed as to their principal and accrued interest in the event of default subject to a Risk Sharing level based on the date of loan disbursement. For loans disbursed after October1, 1993 and before July1, 2006, the Company receives 98percent reimbursement on all qualifying default claims. For loans disbursed on or after July1, 2006, the Company receives 97percent reimbursement. In 2009, the Company sold to ED approximately $18.5billion face amount of loans as part of the Purchase Program (approximately $840million face amount of this amount was sold in the third quarter of 2009, with the remainder sold in the fourth quarter of 2009). Outstanding debt of $18.5billion was paid down related to the Loan Purchase Participation Program (Participation Program) pursuant to ECASLA in connection with these loan sales. These loan sales resulted in a $284million gain. The settlement of the fourth quarter sale of loans out of the Participation Program included repaying the debt by delivering the related loans to ED in a non-cash transaction and receipt of cash from ED for $484 million, representing the reimbursement of a of one-percent payment made to ED plus a $75 fee per loan. In December 2008, the Company sold approximately $494million (principal an

Allowance for Loan Losses

Allowance for Loan Losses
	12 Months Ended Dec. 31, 2009 USD / shares
Allowance for Loan Losses [Abstract]
Allowance for Loan Losses	4. Allowance for Loan Losses The Companys provisions for loan losses represent the periodic expense of maintaining an allowance sufficient to absorb incurred losses, net of recoveries, in the held-for-investment loan portfolios. The evaluation of the provisions for student loan losses is inherently subjective as it requires material estimates that may be susceptible to significant changes. The Company believes that the allowance for student loan losses is appropriate to cover probable losses incurred in the loan portfolios. The following tables summarize the total loan loss provisions for the years ended December31, 2009, 2008 and 2007. Years Ended December31, 2009 2008 2007 Private Education Loans $ 966,591 $ 586,169 $ 883,474 FFELP Stafford and Other Student Loans 106,221 105,568 89,083 Mortgage and consumer loans 46,148 27,913 42,751 Total provisions for loan losses $ 1,118,960 $ 719,650 $ 1,015,308 Allowance for Private Education Loan Losses The following table summarizes changes in the allowance for Private Education Loan losses for the years ended December31, 2009, 2008 and 2007. Years Ended December31, 2009 2008 2007 Allowance at beginning of year $ 1,308,043 $ 1,003,963 $ 372,612 Total provision 966,591 586,169 883,474 Charge-offs (875,667 ) (320,240 ) (246,343 ) Reclassification of interest reserve(1) 44,473 38,151 Balance before securitization of Private Education Loans 1,443,440 1,308,043 1,009,743 Reduction for securitization of Private Education Loans (5,780 ) Allowance at end of year(2) $ 1,443,440 $ 1,308,043 $ 1,003,963 Charge-offs as a percentage of average loans in repayment 7.2 % 3.8 % 4.1 % Charge-offs as a percentage of average loans in repayment and forbearance 6.7 % 3.3 % 3.7 % Allowance as a percentage of the ending total loan balance(3) 5.8 % 5.8 % 6.2 % Allowance as a percentage of the ending loans in repayment 10.0 % 11.7 % 14.3 % Allowance coverage of charge-offs 1.6 4.1 4.1 Ending total loans(3) $ 24,755,598 $ 22,425,640 $ 16,289,784 Average loans in repayment $ 12,137,430 $ 8,533,356 $ 5,949,007 Ending loans in repayment $ 14,379,102 $ 11,182,053 $ 7,046,709 (1) Represents the additional allowance related to the amount of u

Investments

Investments
	12 Months Ended Dec. 31, 2009 USD / shares
Investments [Abstract]
Investments	5. Investments A summary of investments and restricted investments as of December31, 2009 and 2008 follows: December31, 2009 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value Investments Available-for-sale U.S. Treasury securities and other U.S. government agency obligations $ 272 $ $ $ 272 Other securities: Asset-backed securities 110,336 306 (893 ) 109,749 Commercial paper and asset-backed commercial paper 1,149,981 1,149,981 Municipal bonds 9,935 1,942 11,877 Other 1,550 (154 ) 1,396 Total investment securities available-for-sale $ 1,272,074 $ 2,248 $ (1,047 ) $ 1,273,275 Restricted Investments Available-for sale U.S. Treasury securities and other U.S. government agency obligations $ 25,026 $ $ $ 25,026 Guaranteed investment contracts 26,951 26,951 Total restricted investments available-for-sale $ 51,977 $ $ $ 51,977 Held-to-maturity Guaranteed investment contracts $ 3,550 $ $ $ 3,550 Other 215 215 Total restricted investments held-to-maturity $ 3,765 $ $ $ 3,765 December31, 2008 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value Investments Available-for-sale U.S. Treasury and other U.S. government agency obligations: U.S. Treasury securities and other U.S. government agency obligations $ 8,908 $ 195 $ $ 9,103 Other securities: Asset-backed securities 40,907 13 (4,299 ) 36,621 Commercial paper and asset-backed commercial paper 801,169 801,169 Municipal bonds 10,883 1,924 12,807 Other 1,673 (365 ) 1,30

Goodwill and Acquired Intangibl

Goodwill and Acquired Intangible Assets
	12 Months Ended Dec. 31, 2009 USD / shares
Goodwill and Acquired Intangible Assets [Abstract]
Goodwill and Acquired Intangible Assets	6. Goodwill and Acquired Intangible Assets Goodwill All acquisitions must be assigned to a reporting unit or units. A reporting unit is the same as or one level below an operating segment. The following table summarizes the Companys historical allocation of goodwill to its reporting units, accumulated impairments and net goodwill for each reporting unit. As of December31, 2009 and 2008 Accumulated Gross Impairments Net (Dollars in millions) Lending $ 412 $ (24 ) $ 388 APG 401 401 Guarantor Servicing 62 62 Upromise 140 140 Other 1 (1 ) Total $ 1,016 $ (25 ) $ 991 Impairment Testing The Company performs goodwill impairment testing annually in the fourth quarter as of a September 30 valuation date or more frequently if an event occurs or circumstances change such that there is a potential that the fair value of a reporting unit or reporting units may be below their respective carrying values. On February26, 2009, the Administration issued their 2010 fiscal year budget request to Congress which included provisions that called for the elimination of the FFELP program and which would require all new federal loans to be made through the DSLP. On September17, 2009 the House of Representatives passed SAFRA which was consistent with the Administrations 2010 budget request to Congress. If it became law SAFRA would eliminate the FFELP and require that, after July1, 2010, all new federal loans be made through the DSLP. The Administrations 2011 fiscal year budget continued these requests. The Senate has not yet introduced legislation on this issue. The Company, together with other members of the student loan community, has been working with members of Congress to enhance SAFRA to allow students and schools to continue to choose their loan originator and to require servicers to share in the risk of loan default. The Company believes that maintaining competition in the student loan programs and requiring participants to assume a portion of the risk inherent in the program, two of the major tenets of the Community Proposal, would result in a more efficient and cost effective program better that serves students, schools, ED and taxpayers. In light of the potential implications of the Administrations 2010 budget proposal to the Companys business model, as well as continued uncertainty in the economy, the tight credit markets and the Companys decline in market capitalization during the first quarter of 2009, the Company assessed goodwill impairment as of March31, 2009. This assessment resulted in estimated fair values of the Companys reporting units in excess of their carrying values. Accordingly, no goodwill impairment was recorded in the first quarter as a result of this impairment assessment. During the second and third quarter

Borrowings

Borrowings
	12 Months Ended Dec. 31, 2009 USD / shares
Borrowings [Abstract]
Borrowings	7. Borrowings Borrowings consist of secured borrowings issued through the Companys securitization program, borrowings through secured facilities and participation programs, unsecured notes issued by the Company, term and demand deposits at Sallie Mae Bank, and as other interest-bearing liabilities related primarily to obligations to return cash collateral held. To match the interest rate and currency characteristics of its borrowings with the interest rate and currency characteristics of its assets, the Company enters into interest rate and foreign currency swaps with independent parties. Under these agreements, the Company makes periodic payments, generally indexed to the related asset rates or rates which are highly correlated to the asset rates, in exchange for periodic payments which generally match the Companys interest obligations on fixed or variable rate notes (see Note9, Derivative Financial Instruments). Payments and receipts on the Companys interest rate and currency swaps are not reflected in the following tables. The following table summarizes activity related to the senior unsecured debt repurchases for the years ended December31, 2009 and 2008. The Company began actively repurchasing its outstanding debt in the second quarter of 2008. Gains on debt repurchases is shown net of hedging-related gains and losses. Years Ended December31, 2009 2008 Unsecured debt principal repurchased $ 3,447,245 $ 1,910,326 Cash outlay for principal repurchases 3,129,415 1,866,269 Gains on debt repurchases 536,190 64,477 In January 2010, the Company repurchased $812million of unsecured debt through a tender offer for a gain of $45million. The following table summarizes the Companys borrowings as of December31, 2009 and 2008. December31, 2009 December31, 2008 Short Long Short Long Term Term Total Term Term Total (Dollars in millions) Unsecured borrowings $ 5,185 $ 22,797 $ 27,982 $ 6,794 $ 31,182 $ 37,976 Unsecured term bank deposits 842 4,795 5,637 1,148 1,108 2,256 ED Participation Program facility 9,006 9,006 7,365 7,365 ED Conduit Program facility 14,314 14,314 2008 Asset-Backed Financing Facilities(1) 8,801 8,801 24,768 24,768 On-balance sheet securitizations 89,200 89,200 80,601 80,601 Indentured trusts 64 1,533 1,597 31 1,972 2,003 Other 1,472 1,472 1,827 1,827

Student Loan Securitization

Student Loan Securitization
	12 Months Ended Dec. 31, 2009 USD / shares
Student Loan Securitization [Abstract]
Student Loan Securitization	8. Student Loan Securitization The Company securitizes its FFELP Stafford Loans, FFELP Consolidation Loans and Private Education Loan assets and, for transactions qualifying as sales, retains a Residual Interest and servicing rights (as the Company retains the servicing responsibilities), all of which are referred to as the Companys Retained Interest in off-balance sheet securitized loans. The Residual Interest is the right to receive cash flows from the student loans and reserve accounts in excess of the amounts needed to pay servicing, derivative costs (if any), other fees, and the principal and interest on the bonds backed by the student loans. Securitization Activity The following table summarizes the Companys securitization activity for the years ended December31, 2009, 2008 and 2007. Those securitizations listed as sales are off-balance sheet transactions and those listed as financings remain on-balance sheet. Years Ended December31, 2009 2008 2007 Loan Pre- Loan Pre- Loan Pre- No. of Amount Tax Gain No. of Amount Tax Gain No. of Amount Tax Gain Transactions Securitized Gain % Transactions Securitized Gain % Transactions Securitized Gain % (Dollars in millions) Securitizations sales: FFELP Stafford/PLUS Loans $ $ % $ $ % $ $ % FFELP Consolidation Loans Private Education Loans 1 2,001 367 18.4 Total securitizations sales $ % $ % 1 2,001 $ 367 18.4 % Securitizations financings: FFELP Stafford/PLUS Loans(1) 9 18,546 3 8,955 FFELP Consolidation Loans(1)(2) 3 5,339

Derivative Financial Instrument

Derivative Financial Instruments
	12 Months Ended Dec. 31, 2009 USD / shares
Derivative Financial Instruments [Abstract]
Derivative Financial Instruments	9. Derivative Financial Instruments Risk Management Strategy The Company maintains an overall interest rate risk management strategy that incorporates the use of derivative instruments to minimize the economic effect of interest rate changes. The Companys goal is to manage interest rate sensitivity by modifying the repricing frequency and underlying index characteristics of certain balance sheet assets and liabilities (including the Residual Interest from off-balance sheet securitizations) so that the net interest margin is not, on a material basis, adversely affected by movements in interest rates. The Company does not use derivative instruments to hedge credit risk associated with debt issued by the Company. As a result of interest rate fluctuations, hedged assets and liabilities will appreciate or depreciate in market value. Income or loss on the derivative instruments that are linked to the hedged assets and liabilities will generally offset the effect of this unrealized appreciation or depreciation for the period the item is being hedged. The Company views this strategy as a prudent management of interest rate sensitivity. In addition, the Company utilizes derivative contracts to minimize the economic impact of changes in foreign currency exchange rates on certain debt obligations that are denominated in foreign currencies. As foreign currency exchange rates fluctuate, these liabilities will appreciate and depreciate in value. These fluctuations, to the extent the hedge relationship is effective, are offset by changes in the value of the cross-currency interest rate swaps executed to hedge these instruments. Management believes certain derivative transactions entered into as hedges, primarily Floor Income Contracts, basis swaps and Eurodollar futures contracts, are economically effective; however, those transactions generally do not qualify for hedge accounting under ASC 815 (as discussed below) and thus may adversely impact earnings. Although the Company uses derivatives to offset (or minimize) the risk of interest rate and foreign currency changes, the use of derivatives does expose the Company to both market and credit risk. Market risk is the chance of financial loss resulting from changes in interest rates, foreign exchange rates and market liquidity. Credit risk is the risk that a counterparty will not perform its obligations under a contract and it is limited to the loss of the fair value gain in a derivative that the counterparty owes the Company. When the fair value of a derivative contract is negative, the Company owes the counterparty and, therefore, has no credit risk exposure to the counterparty; however, the counterparty has exposure to the Company. The Company minimizes the credit risk in derivative instruments by entering into transactions with highly rated counterparties that are reviewed regularly by the Companys Credit Department. The Company also maintains a policy of requiring that all derivative contracts be governed by an International Swaps and Derivative Association Master Agreement. Depending on the nature of the derivative transaction, bilateral collateral arrangements generally are

Other Assets

Other Assets
	12 Months Ended Dec. 31, 2009 USD / shares
Other Assets [Abstract]
Other Assets	10. Other Assets The following table provides the detail of the Companys other assets at December31, 2009 and 2008. December31, 2009 December31, 2008 Ending % of Ending % of Balance Balance Balance Balance Derivatives at fair value $ 2,783,696 29 % $ 3,013,644 27 % Accrued interest receivable 2,566,984 27 3,466,404 31 Income tax asset, net current and deferred 1,750,424 18 1,661,039 15 APG purchased paper related receivables and real estate owned 286,108 3 1,222,345 11 Benefit and insurance-related investments 472,079 5 472,899 4 Fixed assets, net 322,481 3 313,059 3 Accounts receivable general 807,086 9 712,854 6 Other 511,500 6 278,533 3 Total $ 9,500,358 100 % $ 11,140,777 100 % The Derivatives at fair value line in the above table represents the fair value of the Companys derivatives in a gain position by counterparty, exclusive of accrued interest and collateral. At December31, 2009 and 2008, these balances included $3.4billion and $3.6billion, respectively, of cross-currency interest rate swaps and interest rate swaps designated as fair value hedges that were offset by an increase in interest-bearing liabilities related to the hedged debt. As of December31, 2009 and 2008, the cumulative mark-to-market adjustment to the hedged debt was $(3.4)billion and $(3.4)billion, respectively.

Stockholders' Equity

Stockholders' Equity
	1/1/2009 - 12/31/2009 USD / shares
Stockholders' Equity [Abstract]
Stockholders' Equity	11. Stockholders Equity Preferred Stock At December31, 2009, the Company had outstanding 3.3million shares of 6.97percent Cumulative Redeemable Preferred Stock, SeriesA (the SeriesA Preferred Stock) and 4.0million shares of Floating-Rate Non-Cumulative Preferred Stock, SeriesB (the SeriesB Preferred Stock). Neither series has a maturity date but can be redeemed at the Companys option beginning November16, 2009 for SeriesA Preferred Stock, and on any dividend payment date on or after June15, 2010 for SeriesB Preferred Stock. Redemption would include any accrued and unpaid dividends up to the redemption date. The shares have no preemptive or conversion rights and are not convertible into or exchangeable for any of the Companys other securities or property. Dividends on both series are not mandatory and are paid quarterly, when, as, and if declared by the Board of Directors. Holders of SeriesA Preferred Stock are entitled to receive cumulative, quarterly cash dividends at the annual rate of $3.485 per share. Holders of SeriesB Preferred Stock are entitled to receive quarterly dividends based on 3-month LIBOR plus 70basis points per annum in arrears, on and until June15, 2011, increasing to 3-month LIBOR plus 170basis points per annum in arrears after and including the period beginning on June15, 2011. Upon liquidation or dissolution of the Company, holders of the SeriesA and SeriesB Preferred Stock are entitled to receive $50 and $100 per share, respectively, plus an amount equal to accrued and unpaid dividends for the then current quarterly dividend period, if any, pro rata, and before any distribution of assets are made to holders of the Companys common stock. On December31, 2009, the Company had outstanding 810,000 shares of 7.25percent Mandatory Convertible Preferred Stock, SeriesC (the SeriesC Preferred Stock). The SeriesC Preferred Stock was issued on December31, 2007, and resulted in net proceeds of approximately $1.0billion. An additional 150,000shares were issued on January9, 2008, as a result of the underwriters exercising their over-allotment option, and resulted in net proceeds of $145.5million. Each share of SeriesC Preferred Stock has a $1,000 liquidation preference and is subject to mandatory conversion on December15, 2010. On the mandatory conversion date, each share of the SeriesC Preferred Stock will automatically convert into shares of the Companys common stock based on a conversion rate calculated using the average of the closing prices per share of the Companys common stock during the 20 consecutive trading day period ending on the third trading day immediately preceding the mandatory conversion date. If the applicable market value on the mandatory conversion date is (i)greater than $23.97, the conversion rate is 41.7188shares of the Companys common stock per share of SeriesC Preferred Stock, (ii)less than $19.65, the conversion rate is 50.8906shares of the Companys common stock per share of SeriesC Preferred Stock, or (iii)equal to or less than $23.97 but greater than or equal to $19.65, the conversion rate is $1,000 divided by the applicable market value, which is between 41.7188shares and 50.89

Earnings

Earnings (Loss) per Common Share
	12 Months Ended Dec. 31, 2009 USD / shares
Earnings (Loss) per Common Share [Abstract]
Earnings (Loss) per Common Share	12. Earnings (Loss) per Common Share Basic earnings (loss) per common share (EPS) are calculated using the weighted average number of shares of common stock outstanding during each period. A reconciliation of the numerators and denominators of the basic and diluted EPS calculations follows for the years ended December31, 2009, 2008 and 2007. Years Ended December31, 2009 2008 2007 Numerator: Net income (loss) from continuing operations attributable to common stock $ 335,992 $ (180,613 ) $ (939,815 ) Adjusted for dividends of Series C Preferred Stock(1) Net income (loss) from continuing operations attributable to common stock, adjusted 335,992 (180,613 ) (939,815 ) Net income (loss) from discontinued operations (157,690 ) (143,219 ) 6,276 Net income (loss) attributable to common stock $ 178,302 $ (323,832 ) $ (933,539 ) Denominator (shares in thousands): Weighted average shares used to compute basic EPS 470,858 466,642 412,233 Effect of dilutive securities: Dilutive effect of Series C Preferred Stock(1) Dilutive effect of stock options, non-vested deferred compensation and restricted stock, restricted stock units, Employee Stock Purchase Plan (ESPP) and equity forwards(2) 726 Dilutive potential common shares(3) 726 Weighted average shares used to compute diluted EPS 471,584 466,642 412,233 Basic earnings (loss) per common share: Continuing operations $ .71 $ (.39 ) $ (2.28 ) Discontinued operations (.33 ) (.30 ) .02 Total $ .38 $ (.69 ) $ (2.26 ) Diluted earnings (loss) per common share: Continuing operations $ .71 $ (.39 ) $ (2.28 ) Discontinued operations (.33 ) (.30 ) .02 Total $ .38 $ (.69 ) $ (2.26 ) (1) The Companys 7.25percent Mandatory Convertible Preferred Stock SeriesC was issued on December31, 2007. The mandatory convertible preferred stock will automatically convert on December15, 2010, into between approximately 34million and 41million shares of common stock, depending upon the Companys stock price at that time. These instruments were anti-dilutive for the years ended December31, 2009, 2008 and 2007.

Stock-Based Compensation Plans

Stock-Based Compensation Plans and Arrangements
	12 Months Ended Dec. 31, 2009 USD / shares
Stock-Based Compensation Plans and Arrangements [Abstract]
Stock-Based Compensation Plans and Arrangements	13. Stock-Based Compensation Plans and Arrangements As of December31, 2009, the Company has two active stock-based compensation plans that provide for grants of stock, stock options, restricted stock and restricted stock units to its employees and non-employee directors. The Company also maintains the Employee Stock Purchase Plan (the ESPP). Shares issued under these stock-based compensation plans may be either shares reacquired by the Company or shares that are authorized but unissued. The Company also makes grants of stock-based awards under individually negotiated arrangements. The SLM 2009-2012 Incentive Plan was approved by shareholders on May22, 2009, and expires on May22, 2012. At December31, 2009, 12.1million shares were authorized to be issued from this plan. The SLM Corporation Directors Equity Plan, under which stock options and restricted stock are granted to non-employee members of the board of directors, was approved on May22, 2009, and expires on May22, 2012. At December31, 2009, 1million shares were authorized to be issued from this plan. The Companys non-employee directors are considered employees under the provisions of ASC 718. From January1, 2007 through May21, 2009, the Company granted stock options and restricted stock to its employees and non-employee directors under the SLM Corporation Incentive Plan and the Directors Stock Plan. The total stock-based compensation cost recognized in the consolidated statements of income for the years ended December31, 2009, 2008 and 2007 was $51million, $86million, and $75million, respectively. The related income tax benefit for the years ended December31, 2009, 2008 and 2007 was $19million, $32million and $28million, respectively. As of December31, 2009, there was $36million of total unrecognized compensation cost related to stock-based compensation programs, which is expected to be recognized over a weighted average period of 2.1years. Stock Options The maximum term for stock options is 10years and the exercise price must be equal to or greater than the market price of the Companys common stock on the grant date. The Company has granted time-vested, price-vested and performance-vested options to its employees and non-employee directors. Time-vested options granted to non-management employees vest one-half in 18months from grant date and the second one-half in 36months from grant date. Time-vested options granted to management employees vest one-third per year for three years. Price-vested options granted to management employees vest upon the Companys common stock price reaching a targeted closing price for a set number of days, with a cliff vesting on the eighth anniversary of their grant date. Price-vested options granted to non-employee directors vest upon the Companys common stock price reaching a targeted closing price for a set number of days or the directors election to the Board, whichever occurs later, with a cliff vesting on the fifth anniversary of their grant date. Performance-vested options granted to senior management employees vest one-third per year for three years based on earnings-related performance targets. The f

Other Income

Other Income
	12 Months Ended Dec. 31, 2009 USD / shares
Other Income [Abstract]
Other Income	14. Other Income The following table summarizes the components of other income in the consolidated statements of income for the years ended December31, 2009, 2008 and 2007. Years Ended December31, 2009 2008 2007 Gains on debt repurchases $ 536,190 $ 64,477 $ Late fees and forbearance fees 146,038 142,958 135,627 Asset servicing and other transaction fees 112,162 108,292 110,215 Loan servicing fees 53,013 26,458 26,094 Foreign currency translation gains (losses), net 22,956 (30,793 ) (2,952 ) Other 58,791 80,684 116,091 Total other income $ 929,150 $ 392,076 $ 385,075 Gains on Debt Repurchases The Company began actively repurchasing its outstanding debt in the second quarter of 2008. The Company repurchased $3.4billion and $1.9billion face amount of its senior unsecured notes for the years ended December31, 2009 and 2008, respectively. Since the second quarter of 2008, the Company repurchased $5.3billion face amount of its senior unsecured notes in the aggregate, with maturity dates ranging from 2008 to 2016. Late Fees and Forbearance Fees The Company recognizes late fees and forbearance fees on student loans when earned according to the contractual provisions of the promissory notes, as well as the Companys expectation of collectability. Asset Servicing and Other Transaction Fees The Companys Upromise subsidiary has a number of programs that encourage consumers to save for the cost of college education. Upromise has established a consumer savings network which is designed to promote college savings by consumers who are members of this program by encouraging them to purchase goods and services from the companies that participate in the program (Participating Companies). Participating Companies generally pay Upromise transaction fees based on member purchase volume, either online or in stores depending on the contractual arrangement with the Participating Company. Typically, a percentage of the purchase price of the consumer members eligible purchases with Participating Companies is set aside in an account maintained by Upromise on the behalf of its members. The Company recognizes transaction fee revenue in accordance with ASC 605, Revenue Recognition, as marketing services focused on increasing member purchase volume are rendered based on contractually determined rates and member purchase volumes. Upromise, through its wholly owned subsidiaries, UII, a registered broker-dealer, and UIA, a registered investment advisor, provides program management, transfer and servicing agent services, and administration services for various 529 college-savings plans. The fees associated with the provision of these services are recognized in accordance with ASC 605 based on contractually determined rates which are a combination of fees based on the net ass

Restructuring Activities

Restructuring Activities
	12 Months Ended Dec. 31, 2009 USD / shares
Restructuring Activities [Abstract]
Restructuring Activities	15. Restructuring Activities In response to the College Cost Reduction and Access Act of 2007 (CCRAA) and challenges in the capital markets, the Company initiated a restructuring plan in the fourth quarter of 2007. The plan focused on conforming the Companys lending activities to the economic environment, exiting certain customer relationships and product lines, winding down the Companys debt purchased paper businesses, and significantly reducing its operating expenses. The restructuring plan is essentially completed and the Companys objectives have been met. Restructuring expenses from the fourth quarter of 2007 through the fourth quarter of 2009 totaled $129million of which $120million was recorded in continuing operations and $9million was recorded in discontinued operations. The majority of these restructuring expenses were severance costs related to the completed and planned elimination of approximately 2,900 positions, or approximately 25percent of the workforce. The Company estimates approximately $5million of additional restructuring expenses associated with its current cost reduction efforts will be incurred. On September17, 2009, the House passed SAFRA which, if signed into law, would eliminate the FFELP and require that, after July1, 2010, all new federal loans be made through the Direct Loan program. The Senate has yet to take up the legislation. If this legislation is signed into law, the Company will undertake another significant restructuring to conform its infrastructure to the elimination of the FFELP and achieve additional expense reduction. The following table summarizes the restructuring expenses incurred to date. Cumulative Expense Years Ended December31, as of December31, 2009 2008 2007 2009 Severance costs $ 11,196 $ 62,599 $ 22,505 $ 96,300 Lease and other contract termination costs 890 9,517 10,407 Exit and other costs 1,681 11,400 13,081 Total restructuring from continuing operations(1) 13,767 83,516 22,505 119,788 Total restructuring from discontinued operations 8,462 259 8,721 Total $ 22,229 $ 83,775 $ 22,505 $ 128,509 (1) Aggregate restructuring expenses from continuing operations incurred across the Companys reportable segments during the years ended December31, 2009, 2008 and 2007 totaled $10million, $49million and $19million, respectively, in the Companys Lending reportable segment; $1million, $11million and $2million, respectively, in the Companys APG reportable segment; and $3million, $23million and $2million, respectively, in the Companys Corporate and Other reportable segment. Since its inception in the fourth quarter of 2007 through December31, 2009, cumulative seve

Fair Value Measurements

Fair Value Measurements
	12 Months Ended Dec. 31, 2009 USD / shares
Fair Value Measurements [Abstract]
Fair Value Measurements	16. Fair Value Measurements The Company uses estimates of fair value in applying various accounting standards for its financial statements. Under GAAP, fair value measurements are used in one of four ways: In the consolidated balance sheet with changes in fair value recorded in the consolidated statement of income; In the consolidated balance sheet with changes in fair value recorded in the accumulated other comprehensive income section of the consolidated statement of changes in stockholders equity; In the consolidated balance sheet for instruments carried at lower of cost or fair value with impairment charges recorded in the consolidated statement of income;and In the notes to the financial statements. Fair value is defined as the price to sell an asset or transfer a liability in an orderly transaction between willing and able market participants. In general, the Companys policy in estimating fair values is to first look at observable market prices for identical assets and liabilities in active markets, where available. When these are not available, other inputs are used to model fair value such as prices of similar instruments, yield curves, volatilities, prepayment speeds, default rates and credit spreads (including for the Companys liabilities), relying first on observable data from active markets. Additional adjustments may be made for factors including liquidity, credit, bid/offer spreads, etc., depending on current market conditions. Transaction costs are not included in the determination of fair value. When possible, the Company seeks to validate the models output with market transactions. Depending on the availability of observable inputs and prices, different valuation models could produce materially different fair value estimates. The values presented may not represent future fair values and may not be realizable. The Company categorizes its fair value estimates based on a hierarchical framework associated with three levels of price transparency utilized in measuring financial instruments at fair value. Classification is based on the lowest level of input that is significant to the fair value of the instrument. The three levels are as follows: Level1 Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. The types of financial instruments included in level1 are highly liquid instruments with quoted prices. Level2 Inputs from active markets, other than quoted prices for identical instruments, are used to determine fair value. Significant inputs are directly observable from active markets for substantially the full term of the asset or liability being valued. Level3 Pricing inputs significant to the valuation are unobservable. Inputs are developed based on the best information available; however, significant judgment is required by management in developing the inputs. Student Loans The Companys FFELP loans and Private Education Loans are accounted for at cost or at the lower of cost or market if the loan is

Commitments, Contingencies and

Commitments, Contingencies and Guarantees
	12 Months Ended Dec. 31, 2009 USD / shares
Commitments, Contingencies and Guarantees [Abstarct]
Commitments, Contingencies and Guarantees	17. Commitments, Contingencies and Guarantees The Company offers a line of credit to certain financial institutions and other institutions in the higher education community for the purpose of originating student loans. In connection with these agreements, the Company also enters into a participation agreement with the institution to participate in the loans as they are originated. In the event that a line of credit is drawn upon, the loan is collateralized by underlying student loans and is usually participated in on the same day. The contractual amount of these financial instruments represents the maximum possible credit risk should the counterparty draw down the commitment, the Company does not participate in the loan and the counterparty subsequently fails to perform according to the terms of its contract with the Company. At December31, 2009 and 2008, the contractual amount of these financial obligations was $850million and $1.0billion, respectively. There were no outstanding draws at December31, 2009. All outstanding commitments at December31, 2009 mature in 2010. In addition, the Company maintains forward contracts to purchase loans from its lending partners at contractual prices. These contracts typically have a maximum amount the Company is committed to buy, but lack a fixed or determinable amount as it ultimately is based on the lending partners origination activity. FFELP forward purchase contracts typically contain language relieving the Company of most of its responsibilities under the contract due to, among other things, changes in student loan legislation. These commitments are not accounted for as derivatives under ASC 815 as they do not meet the definition of a derivative due to the lack of a fixed and determinable purchase amount. At December31, 2009, there were $1.3billion of originated loans (FFELP and Private Education Loans) in the pipeline that the Company is committed to purchase. Investor Litigation On January31, 2008, a putative class action lawsuit was filed against the Company and certain officers in the U.S.District Court for the Southern District of New York. This case and other actions arising out of the same circumstances and alleged acts have been consolidated and are now identified as In Re SLM Corporation Securities Litigation. The case purports to be brought on behalf of those who acquired common stock of the Company between January18, 2007 and January23, 2008 (the Securities ClassPeriod). The complaint alleges that the Company and certain officers violated federal securities laws by issuing a series of materially false and misleading statements and that the statements had the effect of artificially inflating the market price for the Companys securities. The complaint alleges that defendants caused the Companys results for year-end 2006 and for the first quarter of 2007 to be materially misstated because the Company failed to adequately provide for loan losses, which overstated the Companys net income, and that the Company failed to adequately disclose allegedly known trends and uncertainties with respect to its non-traditional loan portfolio. On July23, 2008, the court appoi

Benefit Plans

Benefit Plans
	12 Months Ended Dec. 31, 2009 USD / shares
Benefit Plans [Abstract]
Benefit Plans	18. Benefit Plans Pension Plans As of December31, 2009, the Companys qualified and supplemental pension plans (the Pension Plans) are frozen with respect to new entrants and participants with less than ten years of service on June30, 2004. No further benefits will accrue with respect to these participants under the Pension Plans, other than interest accruals on cash balance accounts. Participants with less than five years of service as of June30, 2004 were fully vested. For those participants who continued to accrue benefits under the Pension Plans until July1, 2009, benefits were credited using a cash balance formula. Under the formula, each participant has an account, for record keeping purposes only, to which credits were allocated each payroll period based on a percentage of the participants compensation for the current pay period. The applicable percentage was determined by the participants number of years of service with the Company. If an individual participated in the Companys prior pension plan as of September30, 1999 and met certain age and service criteria, the participant (grandfathered participant) will receive the greater of the benefits calculated under the prior plan, which uses a final average pay plan method, or the current plan under the cash balance formula. The Company does not provide other postretirement benefits such as postretirement health care or postretirement life insurance benefits. Qualified and Nonqualified Plans The following tables provide a reconciliation of the changes in the qualified and nonqualified plan benefit obligations, fair value of assets, and other comprehensive income for the years ended December31, 2009 and 2008, respectively, based on a December 31 measurement date: December31, 2009 2008 Change in benefit obligation Projected benefit obligation at beginning of year $ 206,887 $ 227,651 Service cost 3,231 6,566 Interest cost 12,350 12,908 Actuarial (gain)/loss 2,169 (4,204 ) Plan curtailment 114 Plan settlement Special termination benefits Benefits paid (23,771 ) (36,148 ) Projected benefit obligation at end of year $ 200,866 $ 206,887 Change in plan assets Fair value of plan assets at beginning of year $ 211,780 $ 230,698 Actual return on plan assets 4,775 12,681 Employer contribution 4,960 5,326 Settlement loss Benefits paid (23,771 ) (36,148 ) Administrative payments (660 ) (777 ) Fair value of plan assets at end of year $ 197,084 $ 211,780 Funded status at end of year $ (3,782 ) $ 4,893 Amounts recognized in the statement of

Income Taxes

Income Taxes
	12 Months Ended Dec. 31, 2009 USD / shares
Income Taxes [Abstract]
Income Taxes	19. Income Taxes Reconciliations of the statutory U.S.federal income tax rates to the Companys effective tax rate for continuing operations follow: Years Ended December31, 2009 2008 2007 Statutory rate 35.0 % 35.0 % 35.0 % Equity forward contracts (110.8 ) State tax, net of federal benefit (.3 ) 3.7 (4.1 ) Capitalized transaction costs 8.6 (2.5 ) Unrecognized tax benefits, U.S. federal and state, net of federal benefit (1.3 ) 6.0 (.2 ) Corporate owned life insurance (.4 ) 2.4 1.3 Other, net .1 (1.7 ) (1.7 ) Effective tax rate 33.1 % 54.0 % (83.0 )% The effective tax rates for discontinued operations for the years ended December31, 2009, 2008 and 2007 are 27.4percent, 38.8percent, and 39.0percent, respectively. The effective tax rate varies from the statutory U.S.federal rate of 35percent primarily due to the establishment of a valuation allowance against tax attributes generated as a result of the sale of the assets in its Purchased Paper Mortgage/Properties business for the year ended December31, 2009, and due to the impact of state taxes, net of federal benefit, for the years ended December31, 2009, 2008 and 2007. Income tax expense for the years ended December31, 2009, 2008, and 2007 consists of: December31, 2009 2008 2007 Continuing operations current provision/benefit: Federal $ 116,323 $ 403,294 $ 1,013,342 State (24,527 ) 33,553 50,725 Foreign 398 678 1,045 Total continuing operations current provision 92,194 437,525 1,065,112 Continuing operations deferred provision/(benefit): Federal 141,038 (467,919 ) (632,029 ) State 5,453 (46,029 ) (24,327 ) Foreign (321 ) (346 ) (481 ) Total continuing operations deferred provision/(benefit) 146,170 (514,294 ) (656,837 ) Continuing operations provision for income tax expense/(benefit) $ 238,364 $ (76,769 ) $ 408,275 Discontinued operations current provision/(benefit): Federal $ (159,234 ) $ (1,885 ) $ 13,744 State (8,886 ) (817 ) 3,140 Total discontinued operations current provision/(benefit) (168,120 ) (2,702 )

Segment Reporting

Segment Reporting
	12 Months Ended Dec. 31, 2009 USD / shares
Segment Reporting [Abstract]
Segment Reporting	20. Segment Reporting The Company has two primary operating segments the Lending operating segment and the APG, formerly known as DMO, operating segment. The Lending and APG operating segments meet the quantitative thresholds for reportable segments. Accordingly, the results of operations of the Companys Lending and APG segments are presented below. The Company has smaller operating segments including the Guarantor Servicing, Loan Servicing, and Upromise operating segments, as well as certain other products and services provided to colleges and universities which do not meet the required quantitative thresholds. Therefore, the results of operations for these operating segments and the revenues and expenses associated with these other products and services are combined with corporate overhead and other corporate activities within the Corporate and Other reportable segment. The management reporting process measures the performance of the Companys operating segments based on the management structure of the Company, as well as the methodology used by management to evaluate performance and allocate resources. Management, including the Companys chief operating decision makers, evaluates the performance of the Companys operating segments based on their profitability. As discussed further below, management measures the profitability of the Companys operating segments based on Core Earnings net income. Accordingly, information regarding the Companys reportable segments is provided based on a Core Earnings basis. The Companys Core Earnings performance measures are not defined terms within GAAP and may not be comparable to similarly titled measures reported by other companies. Core Earnings net income reflects only current period adjustments to GAAP net income as described below. Unlike financial accounting, there is no comprehensive, authoritative guidance for management reporting. The management reporting process measures the performance of the operating segments based on the management structure of the Company and is not necessarily comparable with similar information for any other financial institution. The Companys operating segments are defined by the products and services they offer or the types of customers they serve, and they reflect the manner in which financial information is currently evaluated by management. Intersegment revenues and expenses are netted within the appropriate financial statement line items consistent with the income statement presentation provided to management. Changes in management structure or allocation methodologies and procedures may result in changes in reported segment financial information. The Companys principal operations are located in the United States, and its results of operations and long-lived assets in geographic regions outside of the United States are not significant. In the Lending segment, no individual customer accounted for more than 10percent of its total revenue during the years ended December31, 2009, 2008 and 2007. United Student Aid Funds, Inc. (USA Funds) is the Companys largest customer in both the APG and Corporate and Other segments. During the years ended Decemb

Discontinued Operations

Discontinued Operations
	12 Months Ended Dec. 31, 2009 USD / shares
Discontinued Operations [Abstract]
Discontinued Operations	21. Discontinued Operations In the fourth quarter of 2009, the Company sold all of the assets in its Purchased Paper Mortgage/Properties business for $280million, resulting in an after-tax loss of $95million. The Purchased Paper Mortgage/Properties business is considered a Component of the Companys APG reporting unit in accordance with ASC 360 as the business comprises operations and cash flows that can be clearly distinguished operationally and for financial reporting purposes, from the rest of the Company. In accordance with ASC 205, this Component is presented as discontinued operations as (1)the operations and cash flows of the Component have been eliminated from the ongoing operations of the Company as of December31, 2009, and (2)the Company will have no continuing involvement in the operations of this Component subsequent to the sale. The following table summarizes the discontinued assets and liabilities of Purchased Paper Mortgage/Properties business at December31, 2009 and 2008, respectively. At December31, 2009 2008 Assets: Cash and equivalents $ 351 $ 11,635 Other assets 34,072 788,163 Assets of discontinued operations $ 34,423 $ 799,798 Liabilities: Liabilities of discontinued operations $ 29,796 $ 753,638 At December31, 2009, other assets of the Companys discontinued operations consist of a receivable from SLM Corporation associated with the 2009net operating loss generated by its discontinued operations, which has been utilized by SLM Corporation and its subsidiaries in its 2009 consolidated U.S.federal income tax return. At December31, 2009, liabilities of the Companys discontinued operations consist primarily of estimated reserves associated with certain recourse and buy-back provisions associated with the asset sale, as well as restructuring liabilities related to severance and contract termination costs. The following table summarizes the discontinued operations for the years ended December31, 2009, 2008 and 2007, respectively. Years Ended December31, 2009 2008 2007 Operations: Income (loss) from discontinued operations before income taxes $ (217,083 ) $ (234,024 ) $ 10,284 Income tax expense (benefit) (59,393 ) (90,805 ) 4,008 Income (loss) from discontinued operations, net of taxes $ (157,690 ) $ (143,219 ) $ 6,276 Disposal: Loss on disposal before income taxes $ (118,761 ) $ $ Income tax benefit (23,053 ) Loss on disposal, net of taxes $ (95,70

Quarterly Financial Information

Quarterly Financial Information (unaudited)
	12 Months Ended Dec. 31, 2009 USD / shares
Quarterly Financial Information (unaudited) [Abstract]
Quarterly Financial Information (unaudited)	22. Quarterly Financial Information (unaudited) 2009 First Second Third Fourth Quarter Quarter Quarter Quarter Net interest income $ 215,063 $ 383,701 $ 525,176 $ 598,786 Less: provisions for loan losses 250,279 278,112 321,127 269,442 Net interest income (loss) after provisions for loan losses (35,216 ) 105,589 204,049 329,344 Gains (losses) on derivative and hedging activities, net 104,025 (561,795 ) (111,556 ) (35,209 ) Other income 249,632 608,626 469,051 663,572 Restructuring expenses 3,773 3,333 2,492 4,169 Operating expenses 295,116 308,164 312,904 339,122 Income tax expense (benefit) (5,517 ) (43,110 ) 80,423 206,568 Net income (loss) from continuing operations 25,069 (115,967 ) 165,725 407,848 Loss from discontinued operations, net of taxes (46,174 ) (6,542 ) (6,417 ) (98,557 ) Net income (loss) (21,105 ) (122,509 ) 159,308 309,291 Less: net income attributable to noncontrolling interest 281 211 198 157 Net income (loss) attributable to SLM Corporation (21,386 ) (122,720 ) 159,110 309,134 Preferred stock dividends 26,395 25,800 42,627 51,014 Net income (loss) attributable to SLM Corporation common stock $ (47,781 ) $ (148,520 ) $ 116,483 $ 258,120 Basic earnings (loss) per common share: Earnings (loss) from continuing operations $ $ (.31 ) $ .26 $ .74 Earnings (loss) from discontinued operations (.10 ) (.01 ) (.01 ) (.20 ) Earnings (loss) from net income $ (.10 ) $ (.32 ) $ .25 $ .54 Diluted earnings (loss) per common share: Earnings (loss) from continuing operations $ $ (.31 ) $ .26 $ .71 Earnings (loss) from discontinued operations (.10 ) (.01 ) (.01 ) (.19 ) Earnings (loss) from net income $ (.10 ) $ (.32 ) $ .25 $ .52