SLM (SLM) 8-K Results of Operations and Financial Condition

Exhibit 99.3

SLM CORPORATION

Segment Results and Reconciliations to GAAP
(Dollars in millions)
(Unaudited)

	Three Months Ended March 31, 2007
						Corporate			Total “Core					Total
	Lending		APG			and Other			Earnings”		Adjustments			GAAP
Interest Income:
FFELP Stafford and Other Student Loans	$	695	$	—		$	—		$	695	$	(244	)	$	451
FFELP Consolidation Loans		1,331		—			—			1,331		(316	)		1,015
Private Education Loans		658		—			—			658		(320	)		338
Other Loans		28		—			—			28		—			28
Cash and investments		162		—			2			164		(50	)		114
Total interest income		2,874		—			2			2,876		(930	)		1,946
Total interest expense		2,220		7			5			2,232		(700	)		1,532
Net interest income (loss)		654		(7	)		(3	)		644		(230	)		414
Less: provisions for loan losses		198		—			1			199		(49	)		150
Net interest income (loss) after provisions for loan losses		456		(7	)		(4	)		445		(181	)		264
Fee income		—		87			39			126		—			126
Collections revenue		—		65			—			65		1			66
Other income		44		—			52			96		231			327
Total other income		44		152			91			287		232			519
Operating expenses(1)		171		93			68			332		24			356
Income before income taxes and minority interest in net earnings of subsidiaries		329		52			19			400		27			427
Income tax expense(2)		122		19			7			148		162			310
Minority interest in net earnings of subsidiaries		—		1			—			1		—			1
Net income (loss)	$	207	$	32		$	12		$	251	$	(135	)	$	116

(1)  -	Operating expenses for the Lending, APG, and Corporate and Other Business segments include $9 million, $3 million and $4 million, respectively, of stock-based compensation expense.
(2)  -	Income taxes are based on a percentage of net income before tax for the individual reportable segment.

	Three Months Ended June 30, 2007
						Corporate			Total “Core					Total
	Lending		APG			and Other			Earnings”		Adjustments			GAAP
Interest Income:
FFELP Stafford and Other Student Loans	$	719	$	—		$	—		$	719	$	(208	)	$	511
FFELP Consolidation Loans		1,391		—			—			1,391		(304	)		1,087
Private Education Loans		692		—			—			692		(363	)		329
Other Loans		27		—			—			27		—			27
Cash and investments		182		—			7			189		(47	)		142
Total interest income		3,011		—			7			3,018		(922	)		2,096
Total interest expense		2,371		7			5			2,383		(686	)		1,697
Net interest income (loss)		640		(7	)		2			635		(236	)		399
Less: provisions for loan losses		247		—			—			247		(99	)		148
Net interest income (loss) after provisions for loan losses		393		(7	)		2			388		(137	)		251
Fee income		—		80			30			110		—			110
Collections revenue		—		77			—			77		—			77
Other income		59		—			49			108		925			1,033
Total other income		59		157			79			295		925			1,220
Operating expenses(1)		182		96			104			382		17			399
Income (loss) before income taxes and minority interest in net earnings of subsidiaries		270		54			(23	)		301		771			1,072
Income tax expense (benefit)\(2)		100		20			(9	)		111		(6	)		105
Minority interest in net earnings of subsidiaries		—		1			—			1		—			1
Net income (loss)	$	170	$	33		$	(14	)	$	189	$	777		$	966

(1)  -	Operating expenses for the Lending, APG, and Corporate and Other Business segments include $13 million, $4 million and $6 million, respectively, of stock-based compensation expense.
(2)  -	Income taxes are based on a percentage of net income before tax for the individual reportable segment.

-1A-

SLM CORPORATION

Segment Results and Reconciliations to GAAP
(Dollars in millions)
(Unaudited)

	Three Months Ended September 30, 2007
						Corporate		Total “Core					Total
	Lending		APG			and Other		Earnings”		Adjustments			GAAP
Interest Income:
FFELP Stafford and Other Student Loans	$	729	$	—		$	—	$	729	$	(183	)	$	546
FFELP Consolidation Loans		1,445		—			—		1,445		(300	)		1,145
Private Education Loans		753		—			—		753		(360	)		393
Other Loans		26		—			—		26		—			26
Cash and investments		251		—			6		257		(46	)		211
Total interest income		3,204		—			6		3,210		(889	)		2,321
Total interest expense		2,534		7			5		2,546		(667	)		1,879
Net interest income (loss)		670		(7	)		1		664		(222	)		442
Less: provisions for loan losses		200		—			—		200		(57	)		143
Net interest income (loss) after provisions for loan losses		470		(7	)		1		464		(165	)		299
Fee income		—		76			46		122		—			122
Collections revenue		—		53			—		53		—			53
Other income		46		—			63		109		(486	)		(377	)
Total other income		46		129			109		284		(486	)		(202	)
Operating expenses(1)		164		94			79		337		19			356
Income (loss) before income taxes and minority interest in net earnings of subsidiaries		352		28			31		411		(670	)		(259	)
Income tax expense (benefit)\(2)		130		11			11		152		(67	)		85
Minority interest in net earnings of subsidiaries		—		—			—		—		—			—
Net income (loss)	$	222	$	17		$	20	$	259	$	(603	)	$	(344	)

(1)  -	Operating expenses for the Lending, APG, and Corporate and Other Business segments include $4 million, $2 million and $2 million, respectively, of stock-based compensation expense.
(2)  -	Income taxes are based on a percentage of net income before tax for the individual reportable segment.

	Three Months Ended December 31, 2007
							Corporate		Total “Core						Total
	Lending			APG			and Other		Earnings”			Adjustments			GAAP
Interest Income:
FFELP Stafford and Other Student Loans	$	705		$	—		$	—	$	705			(152	)		553
FFELP Consolidation Loans		1,355			—			—		1,355			(259	)		1,096
Private Education Loans		731			—			—		731			(335	)		396
Other Loans		25			—			—		25			—			25
Cash and investments		273			—			6		279			(38	)		241
Total interest income		3,089			—			6		3,095			(784	)		2,311
Total interest expense		2,471			7			5		2,483			(506	)		1,977
Net interest income (loss)		618			(7	)		1		612			(278	)		334
Less: provisions for loan losses		750			—			—		750			(176	)		574
Net interest income (loss) after provisions for loan losses		(132	)		(7	)		1		(138	)		(102	)		(240	)
Fee income		—			92			41		133			—			133
Collections revenue		—			74			—		74			2			76
Other income (loss)		44			—			55		99			(1,349	)		(1,250	)
Total other income (loss)		44			166			96		306			(1,347	)		(1,041	)
Operating expenses(1)		191			106			90		387			54			441
Income (loss) before income taxes and minority interest in net earnings of subsidiaries		(279	)		53			7		(219	)		(1,503	)		(1,722	)
Income tax expense (benefit)(2)		(103	)		19			3		(81	)		(7	)		(88	)
Minority interest in net earnings of subsidiaries		—			1			—		1			—			1
Net income (loss)	$	(176	)	$	33		$	4	$	(139	)		(1,496	)		(1,635	)

(1)  -	Operating expenses for the Lending, APG, and Corporate and Other Business segments include $6 million, $2 million and $3 million, respectively, of stock-based compensation expense.
(2)  -	Income taxes are based on a percentage of net income before tax for the individual reportable segment.

-1B-

SLM CORPORATION

Segment Results and Reconciliations to GAAP
(Dollars in millions)
(Unaudited)

	Year Ended December 31, 2007
						Corporate			Total “Core					Total
	Lending		APG			and Other			Earnings”		Adjustments			GAAP
Interest Income:
FFELP Stafford and Other Student Loans	$	2,848	$	—		$	—		$	2,848	$	(787	)	$	2,061
FFELP Consolidation Loans		5,522		—			—			5,522		(1,179	)		4,343
Private Education Loans		2,835		—			—			2,835		(1,379	)		1,456
Other Loans		106		—			—			106		—			106
Cash and investments		868		—			21			889		(181	)		708
Total interest income		12,179		—			21			12,200		(3,526	)		8,674
Total interest expense		9,597		27			21			9,645		(2,559	)		7,086
Net interest income (loss)		2,582		(27	)		—			2,555		(967	)		1,588
Less: provisions for loan losses		1,394		—			1			1,395		(380	)		1,015
Net interest income (loss) after provisions for loan losses		1,188		(27	)		(1	)		1,160		(587	)		573
Fee income		—		336			156			492		—			492
Collections revenue		—		269			—			269		3			272
Other income		194		—			218			412		(679	)		(267	)
Total other income		194		605			374			1,173		(676	)		497
Operating expenses(1)		709		390			341			1,440		112			1,552
Income (loss) before income taxes and minority interest in net earnings of subsidiaries		673		188			32			893		(1,375	)		(482	)
Income tax expense(2)		249		70			12			331		81			412
Minority interest in net earnings of subsidiaries		—		2			—			2		—			2
Net income (loss)	$	424	$	116		$	20		$	560	$	(1,456	)	$	(896	)

(1)  -	Operating expenses for the Lending, APG, and Corporate and Other Business segments include $31 million, $11 million and $15 million, respectively, of stock-based compensation expense.
(2)  -	Income taxes are based on a percentage of net income before tax for the individual reportable segment.

-1C-

SLM CORPORATION

Segment Results and Reconciliations to GAAP
(Dollars in millions)
(Unaudited)

	Three Months Ended March 31, 2006
						Corporate			Total “Core					Total
	Lending		APG			and Other			Earnings”		Adjustments			GAAP
Interest Income:
FFELP Stafford and Other Student Loans	$	650	$	—		$	—		$	650	$	(351	)	$	299
FFELP Consolidation Loans		1,028		—			—			1,028		(207	)		821
Private Education Loans		429		—			—			429		(188	)		241
Other Loans		23		—			—			23		—			23
Cash and investments		131		—			1			132		(36	)		96
Total interest income		2,261		—			1			2,262		(782	)		1,480
Total interest expense		1,660		5			1			1,666		(573	)		1,093
Net interest income (loss)		601		(5	)		—			596		(209	)		387
Less: provisions for loan losses		75		—			—			75		(15	)		60
Net interest income (loss) after provisions for loan losses		526		(5	)		—			521		(194	)		327
Fee income		—		92			27			119		—			119
Collections revenue		—		56			—			56		—			56
Other income		40		—			30			70		41			111
Total other income		40		148			57			245		41			286
Operating expenses(1)		161		89			59			309		14			323
Income (loss) before income taxes and minority interest in net earnings of subsidiaries		405		54			(2	)		457		(167	)		290
Income tax expense (benefit)(2)		150		20			(1	)		169		(32	)		137
Minority interest in net earnings of subsidiaries		—		1			—			1		—			1
Net income (loss)	$	255	$	33		$	(1	)	$	287	$	(135	)	$	152

(1)  -	Operating expenses for the Lending, APG, and Corporate and Other Business segments include $10 million, $3 million and $5 million, respectively, of stock-based compensation expense.
(2)  -	Income taxes are based on a percentage of net income before tax for the individual reportable segment.

	Three Months Ended June 30, 2006
						Corporate		Total “Core					Total
	Lending		APG			and Other		Earnings”		Adjustments			GAAP
Interest Income:
FFELP Stafford and Other Student Loans	$	719	$	—		$	—	$	719	$	(382	)	$	337
FFELP Consolidation Loans		1,114		—			—		1,114		(273	)		841
Private Education Loans		485		—			—		485		(251	)		234
Other Loans		24		—			—		24		—			24
Cash and investments		170		—			1		171		(46	)		125
Total interest income		2,512		—			1		2,513		(952	)		1,561
Total interest expense		1,904		5			1		1,910		(706	)		1,204
Net interest income (loss)		608		(5	)		—		603		(246	)		357
Less: provisions for loan losses		60		—			—		60		8			68
Net interest income (loss) after provisions for loan losses		548		(5	)		—		543		(254	)		289
Fee income		—		90			33		123		—			123
Collections revenue		—		67			—		67		—			67
Other income		51		—			24		75		869			944
Total other income		51		157			57		265		869			1,134
Operating expenses(1)		163		85			50		298		18			316
Income before income taxes and minority interest in net earnings of subsidiaries		436		67			7		510		597			1,107
Income tax expense(2)		161		26			2		189		193			382
Minority interest in net earnings of subsidiaries		—		1			—		1		—			1
Net income	$	275	$	40		$	5	$	320	$	404		$	724

(1)  -	Operating expenses for the Lending, APG, and Corporate and Other Business segments include $8 million, $2 million and $4 million, respectively, of stock-based compensation expense.
(2)  -	Income taxes are based on a percentage of net income before tax for the individual reportable segment.

-1D-

SLM CORPORATION

Segment Results and Reconciliations to GAAP
(Dollars in millions)
(Unaudited)

	Three Months Ended September 30, 2006
						Corporate			Total “Core					Total
	Lending		APG			and Other			Earnings”		Adjustments			GAAP
Interest Income:
FFELP Stafford and Other Student Loans	$	702	$	—		$	—		$	702	$	(337	)	$	365
FFELP Consolidation Loans		1,242		—			—			1,242		(326	)		916
Private Education Loans		558		—			—			558		(303	)		255
Other Loans		24		—			—			24		—			24
Cash and investments		207		—			3			210		(69	)		141
Total interest income		2,733		—			3			2,736		(1,035	)		1,701
Total interest expense		2,124		6			4			2,134		(771	)		1,363
Net interest income (loss)		609		(6	)		(1	)		602		(264	)		338
Less: provisions for loan losses		80		—			—			80		(13	)		67
Net interest income (loss) after provisions for loan losses		529		(6	)		(1	)		522		(251	)		271
Fee income		—		122			39			161		—			161
Collections revenue		—		58			—			58		—			58
Other income		46		—			41			87		245			332
Total other income		46		180			80			306		245			551
Operating expenses(1)		156		91			70			317		37			354
Income (loss) before income taxes and minority interest in net earnings of subsidiaries		419		83			9			511		(43	)		468
Income tax expense(2)		155		31			3			189		15			204
Minority interest in net earnings of subsidiaries		—		1			—			1		—			1
Net income	$	264	$	51		$	6		$	321	$	(58	)	$	263

(1)  -	Operating expenses for the Lending, APG, and Corporate and Other Business segments include $8 million, $4 million and $4 million, respectively, of stock-based compensation expense.
(2)  -	Income taxes are based on a percentage of net income before tax for the individual reportable segment.

	Three Months Ended December 31, 2006
						Corporate			Total “Core					Total
	Lending		APG			and Other			Earnings”		Adjustments			GAAP
Interest Income:
FFELP Stafford and Other Student Loans	$	701	$	—		$	—		$	701	$	(292	)	$	409
FFELP Consolidation Loans		1,306		—			—			1,306		(339	)		967
Private Education Loans		620		—			—			620		(329	)		291
Other Loans		27		—			—			27		—			27
Cash and investments		197		—			2			199		(58	)		141
Total interest income		2,851		—			2			2,853		(1,018	)		1,835
Total interest expense		2,190		6			6			2,202		(739	)		1,463
Net interest income (loss)		661		(6	)		(4	)		651		(279	)		372
Less: provisions for loan losses		88		—			—			88		4			92
Net interest income (loss) after provisions for loan losses		573		(6	)		(4	)		563		(283	)		280
Fee income		—		93			33			126		—			126
Collections revenue		—		58			—			58		—			58
Other income		40		—			59			99		(80	)		19
Total other income		40		151			92			283		(80	)		203
Operating expenses(1)		164		93			71			328		25			353
Income (loss) before income taxes and minority interest in net earnings of subsidiaries		449		52			17			518		(388	)		130
Income tax expense (benefit)(2)		166		20			6			192		(80	)		112
Minority interest in net earnings of subsidiaries		—		—			—			—		—			—
Net income	$	283	$	32		$	11		$	326	$	(308	)	$	18

(1)  -	Operating expenses for the Lending, APG, and Corporate and Other Business segments include $8 million, $3 million and $4 million, respectively, of stock-based compensation expense.
(2)  -	Income taxes are based on a percentage of net income before tax for the individual reportable segment.

-1E-

SLM CORPORATION

Segment Results and Reconciliations to GAAP
(Dollars in millions)
(Unaudited)

	Year to Date 2006
						Corporate			Total “Core					Total
	Lending		APG			and Other			Earnings”		Adjustments			GAAP
Interest Income:
FFELP Stafford and Other Student Loans	$	2,771	$	—		$	—		$	2,771	$	(1,362	)	$	1,409
FFELP Consolidation Loans		4,690		—			—			4,690		(1,144	)		3,546
Private Education Loans		2,092		—			—			2,092		(1,071	)		1,021
Other Loans		98		—			—			98		—			98
Cash and investments		705		—			7			712		(209	)		503
Total interest income		10,356		—			7			10,363		(3,786	)		6,577
Total interest expense		7,877		23			12			7,912		(2,789	)		5,123
Net interest income (loss)		2,479		(23	)		(5	)		2,451		(997	)		1,454
Less: provisions for loan losses		303		—			—			303		(16	)		287
Net interest income (loss) after provisions for loan losses		2,176		(23	)		(5	)		2,148		(981	)		1,167
Fee income		—		397			132			529		—			529
Collections revenue		—		239			—			239		1			240
Other income		177		—			155			332		1,073			1,405
Total other income		177		636			287			1,100		1,074			2,174
Operating expenses(1)		645		358			250			1,253		93			1,346
Income before income taxes and minority interest in net earnings of subsidiaries		1,708		255			32			1,995		—			1,995
Income tax expense(2)		632		94			12			738		96			834
Minority interest in net earnings of subsidiaries		—		4			—			4		—			4
Net income	$	1,076	$	157		$	20		$	1,253	$	(96	)	$	1,157

(1)  -	Operating expenses for the Lending, APG, and Corporate and Other Business segments include $34 million, $12 million and $17 million, respectively, of stock-based compensation expense.
(2)  -	Income taxes are based on a percentage of net income before tax for the individual reportable segment.

-1F-

SLM CORPORATION

Reconciliations of “Core Earnings” Net Income (Loss) to GAAP Net Income (Loss):
(Dollars in millions, except per share amounts)
(Unaudited)

	Mar. 31,			Jun. 30,			Sep. 30,			Dec. 31,			Year
	2007			2007			2007			2007			To-Date
“Core Earnings” net income (loss)(a)	$	251		$	189		$	259		$	(139	)	$	560
“Core Earnings” adjustments:
Net impact of securitization accounting		422			(15	)		(157	)		(2	)		247
Net impact of derivative accounting		(332	)		842			(454	)		(1,397	)		(1,341	)
Net impact of Floor Income		(39	)		(39	)		(40	)		(50	)		(169	)
Net impact of acquired intangibles		(24	)		(17	)		(19	)		(54	)		(112	)
Total “Core Earnings” adjustments before income taxes		27			771			(670	)		(1,503	)		(1,375	)
Net tax effect(b)		(162	)		6			67			7			(81	)
Total “Core Earnings” adjustments		(135	)		777			(603	)		(1,496	)		(1,456	)
GAAP net income (loss)	$	116		$	966		$	(344	)	$	(1,635	)	$	(896	)
GAAP diluted earnings (loss) per common share	$	0.26		$	1.03		$	(0.85	)	$	(3.98	)	$	(2.26	)
(a)       “Core Earnings” diluted earnings (loss) per common share	$	0.57		$	0.43		$	0.59		$	(0.36	)	$	1.23

(b) Such tax effect is based upon the Company’s “Core Earnings” effective tax rate for the respective period. The net tax effect results primarily from the exclusion of the permanent income tax impact of the equity forward contracts.

	Mar. 31,			Jun. 30,			Sep. 30,			Dec. 31,			Year
	2006			2006			2006			2006			To-Date
“Core Earnings” net income(a)	$	287		$	320		$	321		$	326		$	1,253
“Core Earnings” adjustments:
Net impact of securitization accounting		(62	)		502			160			(68	)		532
Net impact of derivative accounting		(39	)		165			(113	)		(243	)		(229	)
Net impact of Floor Income		(52	)		(52	)		(53	)		(52	)		(209	)
Net impact of acquired intangibles		(14	)		(18	)		(37	)		(25	)		(94	)
Total “Core Earnings” adjustments before income taxes		(167	)		597			(43	)		(388	)		—
Net tax effect(b)		32			(193	)		(15	)		80			(96	)
Total “Core Earnings” adjustments		(135	)		404			(58	)		(308	)		(96	)
GAAP net income	$	152		$	724		$	263		$	18		$	1,157
GAAP diluted earnings per common share	$	0.34		$	1.52		$	0.60		$	0.02		$	2.63
(a)       “Core Earnings” diluted earnings per common share	$	0.65		$	0.72		$	0.73		$	0.74		$	2.83

(b) Such tax effect is based upon the Company’s “Core Earnings” effective tax rate for the respective period. The net tax effect results primarily from the exclusion of the permanent income tax impact of the equity forward contracts.

-2-

SLM CORPORATION

Condensed Statements of Income
(Dollars in millions, except per share amounts)
(Unaudited)

	Quarters Ended														Quarters Ended
	Mar. 31,			Jun. 30,		Sep. 30,			Dec. 31,			Year			Mar. 31,			Jun. 30,		Sep. 30,			Dec. 31,			Year
	2007			2007		2007			2007			To-Date			2006			2006		2006			2006			To-Date
Net interest income	$	414		$	399	$	442		$	334		$	1,588		$	387		$	357	$	338		$	372		$	1,454
Less: provision for loan losses		150			148		143			574			1,015			60			68		67			92			287
Net interest income (loss) after provision for loan losses		264			251		299			(240	)		573			327			289		271			280			1,167
Gains on student loan securitizations		367			—		—			—			367			30			671		201			—			902
Servicing and securitization revenue		252			133		29			23			437			99			83		187			185			553
Guarantor servicing fees		39			30		46			41			156			27			33		39			33			132
Debt management fees		87			80		76			92			336			92			90		122			93			397
Collections revenue		66			77		53			76			272			56			67		58			58			240
Other income (loss)		(292	)		900		(406	)		(1,273	)		(1,071	)		(18	)		190		(56	)		(166	)		(50	)
Operating expenses		356			399		356			441			1,552			323			316		354			353			1,346
Income tax expense (benefit)		310			105		85			(88	)		412			137			382		204			112			834
Minority interest in net earnings of subsidiaries		1			1		—			1			2			1			1		1			—			4
Net income (loss)		116			966		(344	)		(1,635	)		(896	)		152			724		263			18			1,157
Preferred dividends		9			9		9			10			37			9			9		9			9			36
Net income (loss) attributable to common stock	$	107		$	957	$	(353	)	$	(1,645	)	$	(933	)	$	143		$	715	$	254		$	9		$	1,121
Basic earnings (loss) per common share	$	.26		$	2 .32	$	( .85	)	$	(3 .98	)	$	(2 .26	)	$	.35		$	1 .74	$	.62		$	.02		$	2 .73
Diluted earnings (loss) per common share	$	.26		$	1 .03	$	( .85	)	$	(3 .98	)	$	(2 .26	)	$	.34		$	1 .52	$	.60		$	.02		$	2 .63
Dividends per common share	$	.25		$	—	$	—		$	—		$	.25		$	.22		$	.25	$	.25		$	.25		$	.97

-3-

SLM CORPORATION

“Core Earnings” Basis Student Loan Spread
(Unaudited)

	Quarters Ended
	Mar. 31,			Jun. 30,			Sep. 30,			Dec. 31,			Year
	2007			2007			2007			2007			To-Date
“Core Earnings” basis student loan yield		8.33	%		8.30	%		8.31	%		7.73	%		8.16	%
Consolidation Loan Rebate Fees		(0.56	)		(0.55	)		(0.54	)		(0.53	)		(0.55	)
Borrower Benefits		(0.11	)		(0.12	)		(0.10	)		(0.11	)		(0.11	)
Premium and discount amortization		(0.16	)		(0.17	)		(0.15	)		(0.16	)		(0.16	)
“Core Earnings” basis student loan net yield		7.50			7.46			7.52			6.93			7.34
“Core Earnings” basis student loan cost of funds		(5.68	)		(5.67	)		(5.71	)		(5.26	)		(5.57	)
“Core Earnings” basis student loan spread, before Interim ABCP Facility Fees(1)(2)		1.82			1.79			1.81			1.67			1.77
Interim ABCP Facility Fees(2)		—			(0.04	)		(0.04	)		(0.03	)		(0.03	)
“Core Earnings” basis student loan spread(1)		1.82	%		1.75	%		1.77	%		1.64	%		1.74	%
Average Balances (in millions of dollars)
On-balance sheet student loans(1)	$	96,866		$	101,871		$	106,825		$	113,194		$	104,740
Off-balance sheet student loans		44,663			43,432			41,526			40,084			42,411
Managed student loans(1)	$	141,529		$	145,303		$	148,351		$	153,278		$	147,151

(1)	Excludes the impact of Wholesale Consolidation Loan portfolio on the student loan spread and average balances for the quarters ended March 31, June 30, September 30, and December 31, 2007 and for year-to-date 2007.
(2)	The impact of the Interim ABCP Facility Fees is excluded from the student loan spread for the quarters ended June 30, September 30, and December 31, 2007 and for year-to-date 2007.

	Quarters Ended
	Mar. 31,			Jun. 30,			Sep. 30,			Dec. 31,			Year
	2006			2006			2006			2006			To-Date
“Core Earnings” basis student loan yield		7.60	%		8.04	%		8.33	%		8.35	%		8.09	%
Consolidation Loan Rebate Fees		(0.55	)		(0.54	)		(0.56	)		(0.56	)		(0.55	)
Borrower Benefits		(0.07	)		(0.07	)		(0.11	)		(0.10	)		(0.09	)
Premium and discount amortization		(0.14	)		(0.19	)		(0.16	)		(0.15	)		(0.16	)
“Core Earnings” basis student loan net yield		6.84			7.24			7.50			7.54			7.29
“Core Earnings” basis student loan cost of funds		(4.97	)		(5.38	)		(5.70	)		(5.68	)		(5.45	)
“Core Earnings” basis student loan spread(1)		1.87	%		1.86	%		1.80	%		1.86	%		1.84	%
Average Balances (in millions of dollars)
On-balance sheet student loans(1)	$	82,850		$	80,724		$	83,909		$	89,143		$	84,173
Off-balance sheet student loans		42,069			47,716			48,226			47,252			46,336
Managed student loans	$	124,919		$	128,440		$	132,135		$	136,395		$	130,509

(1) Excludes the impact of Wholesale Consolidation Loan portfolio on the student loan spread and average balances for the quarters ended December 31, and September 30, 2006 and for the year ended December 31, 2006.

-4-

SLM CORPORATION

Student Loan Spread Analysis – GAAP
(Unaudited)

	Quarters Ended
	Mar. 31,			Jun. 30,			Sep. 30,			Dec. 31,			Year
On-Balance Sheet	2007			2007			2007			2007			To-Date
Student loan yield, before Floor Income		8.17	%		8.08	%		8.13	%		7.53	%		7.97	%
Gross Floor Income		0.02			0.02			0.04			0.08			0.04
Consolidation Loan Rebate Fees		(0.63	)		(0.61	)		(0.60	)		(0.58	)		(0.60	)
Borrower benefits		(0.13	)		(0.13	)		(0.11	)		(0.11	)		(0.12	)
Premium and discount amortization		(0.15	)		(0.17	)		(0.15	)		(0.16	)		(0.16	)
Student loan net yield		7.28			7.19			7.31			6.76			7.13
Student loan cost of funds		(5.57	)		(5.58	)		(5.62	)		(5.46	)		(5.56	)
Student loan spread, before Interim ABCP Facility Fees(1)(2)		1.71			1.61			1.69			1.30			1.57
Interim ABCP Facility Fees(2)		—			(0.05	)		(0.06	)		(0.04	)		(0.04	)
Student loan spread, GAAP(1)		1.71	%		1.56	%		1.63	%		1.26	%		1.53	%
Average Balances (in millions of dollars)
On-balance sheet student loans(1)	$	96,866		$	101,871		$	106,825		$	113,194		$	104,740

(1)	Excludes the impact of Wholesale Consolidation Loan portfolio on the student loan spread and average balances for the quarters ended March 31, June 30, September 30, and December 31, 2007 and the year-to-date 2007.
(2)	The impact of the Interim ABCP Facility Fees is excluded from the student loan spread for the quarters ended June 30, September 30, and December 31, 2007 and the year-to-date 2007.

	Quarters Ended
	Mar. 31,			Jun. 30,			Sep. 30,			Dec. 31,			Year
On-Balance Sheet	2006			2006			2006			2006			To-Date
Student loan yield, before Floor Income		7.51	%		7.92	%		8.17	%		8.15	%		7.94	%
Gross Floor Income		0.07			0.04			0.02			0.02			0.04
Consolidation Loan Rebate Fees		(0.68	)		(0.67	)		(0.67	)		(0.65	)		(0.67	)
Borrower benefits		(0.11	)		(0.11	)		(0.13	)		(0.12	)		(0.12	)
Premium and discount amortization		(0.12	)		(0.16	)		(0.15	)		(0.14	)		(0.14	)
Student loan net yield		6.67			7.02			7.24			7.26			7.05
Student loan cost of funds		(4.84	)		(5.27	)		(5.64	)		(5.65	)		(5.36	)
Student loan spread, GAAP(1)		1.83	%		1.75	%		1.60	%		1.61	%		1.69	%
Average Balances (in millions of dollars)
On-balance sheet student loans(1)	$	82,850		$	80,724		$	83,909		$	89,143		$	84,173

(1) Excludes the impact of Wholesale Consolidation Loan portfolio on the student loan spread and average balances for the quarters ended December 31, 2006, September 30, 2006 and for the year ended December 31, 2006.

-5-

SLM CORPORATION

Servicing & Securitization Revenue
(Dollars in thousands)
(Unaudited)

	Quarters Ended												Quarters Ended
	Mar. 31,		Jun. 30,		Sep. 30,			Dec. 31,			Year		Mar. 31,		Jun. 30,			Sep. 30,		Dec. 31,		Year
	2007		2007		2007			2007			To-Date		2006		2006			2006		2006		To-Date
Servicing revenue	$	77,042	$	74,181	$	69,599		$	64,848		$	285,670	$	79,451	$	88,229		$	86,538	$	82,236	$	336,454
Securitization revenue		174,896		58,806		(40,716	)		(41,559	)		151,427		19,480		(5,386	)		100,544		102,449		217,087
Total servicing & securitization revenue	$	251,938	$	132,987	$	28,883		$	23,289		$	437,097	$	98,931	$	82,843		$	187,082	$	184,685	$	553,541

Average Balance Managed Student Loans
(Dollars in millions)

	Quarters Ended										Quarters Ended
	Mar. 31,		Jun. 30,		Sep. 30,		Dec. 31,		Year		Mar. 31,		Jun. 30,		Sep. 30,		Dec. 31,		Year
	2007		2007		2007		2007		To-Date		2006		2006		2006		2006		To-Date
Average on-balance sheet student loans	$	101,499	$	108,865	$	114,571	$	121,685	$	111,719	$	82,850	$	80,724	$	84,241	$	91,522	$	84,856
Average off-balance sheet student loans		44,663		43,432		41,526		40,084		42,411		42,069		47,716		48,226		47,252		46,336
Average Managed student loans	$	146,162	$	152,297	$	156,097	$	161,769	$	154,130	$	124,919	$	128,440	$	132,467	$	138,774	$	131,192

	Quarters Ended														Quarters Ended
	Mar. 31,		Jun. 30,			Sep. 30,			Dec. 31,			Year			Mar. 31,			Jun. 30,			Sep. 30,			Dec. 31,			Year
	2007		2007			2007			2007			To-Date			2005			2005			2005			2005			To-Date
Servicing and securitization revenue as a percentage of average off-balance sheet student loans (annualized)		2.29		1.23	%		0.28	%		0.23	%		1.03	%		0.95	%		0.70	%		1.54	%		1.55	%		1.19	%

-6-

SLM CORPORATION

Student Loan Acquisitions
(Dollars in millions)
(Unaudited)

	Quarters Ended												Year-to-date
	Mar. 31,			Jun. 30,			Sep. 30,			Dec. 31,
	2007			2007			2007			2007			FFELP			Private			Total
Preferred Channel	$	6,975		$	5,680		$	7,841		$	4,969		$	17,577		$	7,888		$	25,465
Wholesale Consolidations		3,076			911			950			2,111			7,048			—			7,048
Other commitment clients		52			146			82			25			248			57			305
Spot purchases		746			259			30			85			1,120			—			1,120
Consolidations from third parties		702			485			821			433			2,206			235			2,441
Acquisitions from off-balance sheet securitized trusts, primarily consolidations		1,346			1,700			936			344			3,744			582			4,326
Capitalized interest, premiums and discounts		690			617			612			804			2,279			444			2,723
Total on-balance sheet student loan acquisitions		13,587			9,798			11,272			8,771			34,222			9,206			43,428
Consolidations to SLM Corporation from off-balance sheet securitized trusts		(1,346	)		(1,700	)		(936	)		(344	)		(3,744	)		(582	)		(4,326	)
Capitalized interest, premiums and discounts - -off-balance sheet securitized trusts		278			301			233			430			539			703			1,242
Total Managed student loan acquisitions	$	12,519		$	8,399		$	10,569		$	8,857		$	31,017		$	9,327		$	40,344

	Quarters Ended												Year-to-date
	Mar. 31,			Jun. 30,			Sep. 30,			Dec. 31,
	2006			2006			2006			2006			FFELP			Private			Total
Preferred Channel	$	6,896		$	5,896		$	6,754		$	4,463		$	16,398		$	7,611		$	24,009
Other commitment clients		116			89			256			57			457			61			518
Spot purchases		59			404			1,927			3,320			5,710			—			5,710
Consolidations from third parties		897			853			1,682			756			4,092			96			4,188
Acquisitions from off-balance sheet securitized trusts, primarily consolidations		1,329			2,123			2,451			1,493			7,141			255			7,396
Capitalized interest, premiums and discounts		369			405			470			618			1,716			146			1,862
Total on-balance sheet student loan acquisitions		9,666			9,770			13,540			10,707			35,514			8,169			43,683
Consolidations to SLM Corporation from off-balance sheet securitized trusts		(1,329	)		(2,123	)		(2,451	)		(1,493	)		(7,141	)		(255	)		(7,396	)
Capitalized interest, premiums and discounts - -off-balance sheet securitized trusts		214			287			230			399			658			472			1,130
Total Managed student loan acquisitions	$	8,551		$	7,934		$	11,319		$	9,613		$	29,031		$	8,386		$	37,417

-7-

SLM CORPORATION

Managed Student Loan Activity
(Dollars in millions)
(Unaudited)

	Quarters Ended
	Mar. 31,			Jun. 30,			Sep. 30,			Dec. 31,			Year
	2007			2007			2007			2007			To-Date
Beginning balance	$	142,092		$	149,961		$	153,203		$	159,759		$	142,092
Net consolidations:
Incremental consolidations from third parties		702			485			821			433			2,441
Consolidations to third parties		(1,312	)		(1,213	)		(1,197	)		(709	)		(4,431	)
Total net consolidations		(610	)		(728	)		(376	)		(276	)		(1,990	)
Acquisitions		11,817			7,914			9,748			8,424			37,903
Net acquisitions		11,207			7,186			9,372			8,148			35,913
Repayments/claims/resales/other		(3,338	)		(3,944	)		(2,816	)		(4,331	)		(14,429	)
Ending balance	$	149,961		$	153,203		$	159,759		$	163,576		$	163,576
Total Managed Acquisitions (1)	$	12,519		$	8,399		$	10,569		$	8,857		$	40,344

	Quarters Ended
	Mar. 31,			Jun. 30,			Sep. 30,			Dec. 31,			Year
	2006			2006			2006			2006			To-Date
Beginning balance	$	122,529		$	126,870		$	130,144		$	136,935		$	122,529
Net consolidations:
Incremental consolidations from third parties		897			853			1,682			756			4,188
Consolidations to third parties		(1,494	)		(1,944	)		(1,956	)		(1,861	)		(7,255	)
Total net consolidations		(597	)		(1,091	)		(274	)		(1,105	)		(3,067	)
Acquisitions		7,654			7,081			9,637			8,857			33,229
Net acquisitions		7,057			5,990			9,363			7,752			30,162
Repayments/claims/resales/other		(2,716	)		(2,716	)		(2,572	)		(2,595	)		(10,599	)
Ending balance	$	126,870		$	130,144		$	136,935		$	142,092		$	142,092
Total Managed Acquisitions (1)	$	8,551		$	7,934		$	11,319		$	9,613		$	37,417

⁽¹⁾ Includes incremental consolidations from third parties and acquisitions.

-8-

SLM CORPORATION

Average Balance Sheets
(Dollars in millions)
(Unaudited)

	Quarters Ended
	Mar. 31, 2007					Jun. 30, 2007					Sep. 30, 2007					Dec. 31, 2007					Year-to-Date
	Amount		Rate			Amount		Rate			Amount		Rate			Amount		Rate			Amount		Rate
Average Assets
FFELP Stafford and Other Student Loans	$	26,885		6.80	%	$	30,794		6.66	%	$	32,576		6.64	%	$	34,819		6.30	%	$	31,294		6.59	%
FFELP Consolidation Loans		63,260		6.51			67,154		6.49			69,289		6.56			71,859		6.05			67,918		6.39
Private Education Loans		11,354		12.09			10,917		12.10			12,706		12.26			15,007		10.47			12,507		11.65
Other loans		1,365		8.31			1,259		8.43			1,192		8.65			1,171		8.62			1,246		8.49
Cash and investments		7,958		5.81			9,930		5.72			14,625		5.73			18,196		5.25			12,710		5.57
Total interest earning assets		110,822		7.12	%		120,054		7.00	%		130,388		7.06	%		141,052		6.50	%		125,675		6.90	%
Non-interest earning assets		9,095					9,804					9,928					10,020					9,715
Total assets	$	119,917				$	129,858				$	140,316				$	151,072				$	135,390
Average Liabilities and Stockholders’ Equity
Short-term borrowings	$	3,220		5.89	%	$	5,215		6.75	%	$	21,052		6.06	%	$	35,645		5.40	%	$	16,385		5.74	%
Long-term borrowings		107,950		5.58			115,388		5.59			109,887		5.63			106,727		5.54			109,984		5.59
Total interest bearing liabilities		111,170		5.59	%		120,603		5.64	%		130,939		5.70	%		142,372		5.51	%		126,369		5.61	%
Non-interest bearing liabilities		4,483					4,105					4,315					4,186					4,272
Stockholders’ equity		4,264					5,150					5,062					4,514					4,749
Total liabilities and stockholders’ equity	$	119,917				$	129,858				$	140,316				$	151,072				$	135,390
Net interest margin				1.51	%				1.33	%				1.34	%				0.94	%				1.26	%

-9A-

SLM CORPORATION

Average Balance Sheets
(Dollars in millions)
(Unaudited)

	Quarters Ended
	Mar. 31, 2006					Jun. 30, 2006					Sep. 30, 2006					Dec. 31, 2006					Year-to-Date
	Amount		Rate			Amount		Rate			Amount		Rate			Amount		Rate			Amount		Rate
Average Assets
FFELP Stafford and Other Student Loans	$	19,522		6.20	%	$	20,562		6.58	%	$	21,194		6.83	%	$	23,287		6.96	%	$	21,152		6.66	%
FFELP Consolidation Loans		54,312		6.13			52,201		6.47			54,968		6.61			58,946		6.51			55,119		6.43
Private Education Loans		9,016		10.86			7,961		11.77			8,079		12.51			9,289		12.45			8,585		11.90
Other loans		1,172		8.14			1,090		8.72			1,133		8.59			1,225		8.62			1,155		8.53
Cash and investments		7,042		5.52			8,867		5.67			9,915		5.65			9,433		6.02			8,824		5.74
Total interest earning assets		91,064		6.59	%		90,681		6.91	%		95,289		7.08	%		102,180		7.13	%		94,835		6.94	%
Non-interest earning assets		7,963					8,648					8,707					8,870					8,550
Total assets	$	99,027				$	99,329				$	103,996				$	111,050				$	103,385
Average Liabilities and Stockholders’ Equity
Short-term borrowings	$	4,174		4.78	%	$	4,393		5.07	%	$	3,994		5.70	%	$	3,057		5.96	%	$	3,902		5.33	%
Long-term borrowings		87,327		4.85			87,364		5.27			91,668		5.65			99,349		5.66			91,461		5.37
Total interest bearing liabilities		91,501		4.84	%		91,757		5.26	%		95,662		5.65	%		102,406		5.67	%		95,363		5.37	%
Non-interest bearing liabilities		3,703					3,501					4,110					4,329					3,912
Stockholders’ equity		3,823					4,071					4,224					4,315					4,110
Total liabilities and stockholders’ equity	$	99,027				$	99,329				$	103,996				$	111,050				$	103,385
Net interest margin				1.73	%				1.58	%				1.41	%				1.45	%				1.54	%

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