RESTON, Va., July 18, 2007—SLM Corporation (NYSE: SLM), commonly known as Sallie Mae, today announced the company filed its definitive proxy statement with the Securities and Exchange Commission in connection with the merger agreement providing for the acquisition of Sallie Mae by an investor group led by J.C. Flowers & Co., Bank of America and JPMorgan Chase. The company scheduled a special meeting of shareholders for Aug. 15, 2007, to consider and vote on a proposal to approve the merger agreement. The company will promptly commence mailing the definitive proxy statement to shareholders of record as of June 29, 2007.

The meeting will be at 11 a.m., local time, at Sallie Mae’s offices located at 12061 Bluemont Way, Reston, VA 20190.

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This press release contains “forward-looking statements” including expectations as to future market share, the success of preferred channel originations and future results. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Because such statements inherently involve risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks include, among others, changes in the terms of student loans and the educational credit marketplace arising from the implementation of applicable laws and regulations, and from changes in such laws and regulations, changes in the demand for educational financing or in financing preferences of educational institutions, students and their families, and changes in the general interest rate environment. For more information, see the company's filings with the Securities and Exchange Commission, including the forward-looking statements contained in the company’s Supplemental Financial Information Second Quarter 2007.

IMPORTANT ADDITIONAL INFORMATION REGARDING THE MERGER HAS BEEN FILED WITH THE SEC:
In connection with the proposed merger, the Company filed a definitive proxy statement with the Securities and Exchange Commission (the “SEC”) on July 18, 2007. INVESTORS AND SECURITY HOLDERS ARE ADVISED TO READ THE PROXY STATEMENT BECAUSE IT CONTAINS IMPORTANT INFORMATION ABOUT THE MERGER AND THE PARTIES TO THE MERGER. Investors and security holders may obtain a free copy of the proxy statement and other relevant documents filed with the SEC from the SEC’s website at http://www.sec.gov. The Company's security holders and other interested parties may also obtain, without charge, a copy of the proxy statement and other relevant documents by directing a request by mail or telephone to Investor Relations, SLM Corporation, 12061 Bluemont Way, Reston, Va. 20190, telephone 703/984-6743, or from the Company’s Web site, http://www.salliemae.com.

The Company and its directors, executive officers and other members of its management and employees may be deemed to be participants in the solicitation of proxies from the Company’s shareholders with respect to the Merger. Information about the Company’s directors and executive officers and their ownership of the Company’s common stock is set forth in the proxy statement as filed with the SEC on July 18, 2007.

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For more information contact:
Tom Joyce (703) 984-5610 (media)
Martha Holler (703) 984-5178 (media)
Steve McGarry (703) 984-6746 (investor)
Joe Fisher (703) 984-5755 (investor)