RESTON, Va., Aug. 15, 2007—SLM Corporation (NYSE: SLM), commonly known as Sallie Mae, announced that, at a special meeting held today, its shareholders approved and adopted the merger agreement providing for the acquisition of the company by an affiliate of J.C. Flowers & Co., Bank of America and JPMorgan Chase.

Under the terms of the merger agreement, Sallie Mae shareholders will receive $60 in cash, without interest, for each outstanding share of Sallie Mae common stock.

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IMPORTANT ADDITIONAL INFORMATION REGARDING THE MERGER HAS BEEN FILED WITH THE SEC:
In connection with the proposed merger, Sallie Mae filed its 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. Sallie Mae’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 Sallie Mae’s Web site, http://www.salliemae.com.

Sallie Mae 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 Sallie Mae’s shareholders with respect to the Merger. Information about Sallie Mae’s directors and executive officers and their ownership of Sallie Mae’s common stock is set forth in the proxy statement as filed with the SEC on July 18, 2007.

For more information contact:
Tom Joyce (703) 984-5610 (media)
Steve McGarry (703) 984-6746 (investor)