SLM Corporation Announces Preferred Dividends

RESTON, Va., Oct 29, 2009 (BUSINESS WIRE) -- SLM Corporation (NYSE: SLM), commonly known as Sallie Mae, today announced a 2010 first-quarter dividend on its Preferred Stock Series A of $0.87125 per share. The dividend on the Preferred Stock Series A will be paid on Feb. 1, 2010 to shareholders of record at the close of business on Jan. 22, 2010.

In addition, the company announced a 2009 fourth-quarter dividend on its Preferred Stock Series B of $0.2515139 per share. The dividend on the Preferred Stock Series B will be paid on Dec. 15, 2009 to shareholders of record at the close of business on Dec. 4, 2009.

Finally, the company announced a 2009 fourth-quarter dividend on its Preferred Stock Series C of $18.125 per share. The dividend on the Preferred Stock Series C will be paid on Dec. 15, 2009 to shareholders of record at the close of business on Dec. 1, 2009.

On Sept. 30, 2009, SLM Corporation had 3.3 million shares of Preferred Stock Series A, 4 million shares of Preferred Stock Series B and 1 million shares of Preferred Stock Series C outstanding. The Preferred Stock Series A and B trade on the New York Stock Exchange.

SLM Corporation (NYSE: SLM), commonly known as Sallie Mae, is the nation's leading provider of saving, planning and paying for education programs. Through its subsidiaries, the company manages $192 billion in education loans and serves 10 million student and parent customers. Through its Upromise affiliates, the company also manages more than $21 billion in 529 college-savings plans, and is a major, private source of college funding contributions in America with 11 million members and more than $500 million in member rewards. Sallie Mae and its subsidiaries offer debt management services as well as business and technical products to a range of business clients, including higher education institutions, student loan guarantors and state and federal agencies. More information is available at www.salliemae.com. SLM Corporation and its subsidiaries are not sponsored by or agencies of the United States of America.

SOURCE: Sallie Mae CONTACT: Sallie Mae Erica Eriksdotter [phone] [e-mail] Copyright Business Wire 2009 -0- KEYWORD: United States

North America

Virginia INDUSTRY KEYWORD: Professional Services

Banking

Finance SUBJECT CODE: Dividend