SLM Corp — Director's Dealing 2015

May 5, 2015

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SLM CORP (SLM)
CIK: 0001032033
Period of Report: 2015-05-01

Reporting Person: McGarry Steven (EVP & Chief Financial Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2015-05-01	Common Stock	F	1882	$10.30	Disposed	182716.3371	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	2140.634	Indirect

Footnotes

F1: On May 1, 2015, Mr. McGarry was awarded 16,629 Restricted Stock Units ("RSUs") representing rights to receive shares of SLM Corporation (the "Company") common stock in the future. Pursuant to the terms of the grant, shares will vest, and will be converted into shares of common stock, in one-third increments on May 1, 2015, 2016 and 2017. On May 1, 2015, 5,543 shares of such RSUs vested and were issued to Mr. McGarry, of which 1,882 shares were withheld by the Company to satisfy Mr. McGarry's tax withholding obligations

F2: Between January 30, 2015 and April 30, 2015, Mr. McGarry acquired 0.188 shares of company common stock under the Company's 401(k) plan. The information in this report is based on a plan sponsor statement dated as of April 30, 2015