SLM (SLM) S-3ASR Automatic shelf registration

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Exhibit 12.1

SLM Corporation
Ratio of Earnings to Fixed Charges and Preferred Dividends
(Dollars in thousands)

			Years Ended December 31,															Nine months ended September 30,
			2000			2001			2002			2003			2004			2004			2005
Pre-tax income from continuing operations before adjustment for minority interests in consolidated subsidiaries			$	711,591		$	617,388		$	1,223,399		$	2,312,940		$	2,556,985		$	1,802,170		$	1,469,567
Add:		Fixed charges		2,882,953			2,171,417			1,227,195			1,040,496			1,458,088			983,294			2,081,556
Less:		Other adjustments		(3,405	)		—			—			(896	)		(6,698	)		(5,567	)		(3,323	)
Less:		Preferred dividends		(42,677	)		(39,346	)		(17,694	)		(17,694	)		(17,694	)		(13,269	)		(21,648	)
	Total earnings		$	3,548,462		$	2,749,459		$	2,432,900		$	3,334,846		$	3,990,681		$	2,766,628		$	3,526,152
Fixed charges
		Interest expense	$	2,836,871		$	2,132,071		$	1,209,501		$	1,021,906		$	1,433,696		$	964,458		$	2,056,585
		Preferred dividends		42,677			39,346			17,694			17,694			17,694			13,269			21,648
		Rental expense (33%), net of income		3,405			—			—			—			5,001			3,870			3,323
		Capitalized interest		—			—			—			896			1,697			1,697			—
	Total fixed charges		$	2,882,953		$	2,171,417		$	1,227,195		$	1,040,496		$	1,458,088		$	983,294		$	2,081,556
	Ratio of earnings to fixed charges and preferred stock dividends			1.23			1.27			1.98			3.21			2.74			2.81			1.69
For purposes of the "earnings" computation, "other adjustments" includes the capitalized interest cost and rental expense.
For purposes of the "fixed charges" computation, "other adjustments" includes the capitalized interest cost and rental expense.
Preference Security Dividend
		Amount of Dividend (GSE)	$	16,218		$	14,074		$	—		$	—		$	—		$	—		$	—
		Amount of Dividend (SLM Corp)	$	11,522		$	11,501		$	11,501		$	11,501		$	11,501		$	8,625		$	14,071
		1- Tax Rate		0.65			0.65			0.65			0.65			0.65			0.65			0.65
		Pre-tax earnings required to pay dividend		42,677			39,346			17,694			17,694			17,694			13,269			21,648

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SLM Corporation Ratio of Earnings to Fixed Charges and Preferred Dividends (Dollars in thousands)