<Page>
Exhibit 12.1
SLM HOLDING CORPORATION
RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS
(DOLLARS IN THOUSANDS)
<Table>
<Caption>
-------------------------------------------------------
1996 1997 1998 1999
----------- ---------- ---------- ----------
Pre-tax income from continuing operations before
adjustment for minority interests in consolidated
subsidiaries $ 600,327 $ 759,748 $ 750,131 $ 751,652
Add: Fixed charges 2,600,048 2,544,584 1,948,995 2,140,588
Less: Other adjustments (711) -- -- --
Less: Preferred dividends (16,452) (18,428) (23,998) (25,803)
---------- ---------- ---------- ----------
TOTAL EARNINGS $3,183,212 $3,285,904 $2,675,128 $2,866,437
========== ========== ========== ==========
Fixed charges
Interest expense $2,582,885 $2,526,156 $1,924,997 $2,114,785
Preferred dividends 16,452 18,428 23,998 25,803
Other adjustments 711 -- -- --
---------- ---------- ---------- ----------
TOTAL FIXED CHARGES $2,600,048 $2,544,584 $1,948,995 $2,140,588
========== ========== ========== ==========
RATIO OF EARNINGS TO
FIXED CHARGES AND
PREFERRED STOCK DIVIDENDS 1.22 1.29 1.37 1.34
========== ========== ========== ==========
RATIO OF EARNINGS
TO FIXED CHARGES 1.23 1.29 1.38 1.34
========== ========== ========== ===========
<Caption>
SIX MONTHS ENDED JUNE 30,
-------------------------
2000 2000 2001
----------- ---------- ----------
Pre-tax income from continuing operations before
adjustment for minority interests in consolidated
subsidiaries $ 711,591 $ 415,795 $ 493,399
Add: Fixed charges 2,879,548 1,324,488 1,283,090
Less: Other adjustments -- -- --
Less: Preferred dividends (42,677) (21,234) (20,780)
---------- ---------- ----------
TOTAL EARNINGS $3,548,462 $1,719,049 $1,755,709
========== ========== ==========
Fixed charges
Interest expense $2,836,871 $1,303,254 $1,262,310
Preferred dividends 42,677 21,234 20,780
Other adjustments -- -- --
---------- ---------- ----------
TOTAL FIXED CHARGES $2,879,548 $1,324,488 $1,283,090
========== ========== ===========
RATIO OF EARNINGS TO
FIXED CHARGES AND
PREFERRED STOCK DIVIDENDS 1.23 1.30 1.37
========== ========== ===========
RATIO OF EARNINGS
TO FIXED CHARGES 1.24 1.30 1.37
========== =========== ===========
</Table>
For purposes of the "earnings" computation, "other adjustments"
includes the capitalized interest cost.
For purposes of the "fixed charges" computation, other adjustments
includes the capitalized interest cost.
<Table>
<Caption>
Preference Security Dividend
Amount of Dividend $10,694 $11,978 $15,599 $15,334
Amount of Dividend $ 1,438
1- Tax Rate 0.65 0.65 0.65 0.65
---------- ---------- ---------- ----------
Pre-tax earnings required to pay dividend 16,452 18,428 23,998 25,803
<Caption>
Preference Security Dividend
Amount of Dividend $16,218 $ 8,009 $ 7,757
Amount of Dividend $11,522 $ 5,793 $ 5,750
1- Tax Rate 0.65 0.65 0.65
------- ------- -------
Pre-tax earnings required to pay dividend 42,677 21,234 20,780
</Table>
REGULATION S-K
(Section 229.601)
STATEMENTS RE COMPUTATION OF RATIOS
in reasonable detail, the computation of any ratio of earnings to fixed charges
or to combined fixed charges & preferred stock dividends or any other ratios
which appear in the registration statement.
- must disclose for last 5 years
EARNINGS CALC: (PER REG S-K Section 229.503 (d) (3))