SLM Corp — Director's Dealing 2016

May 3, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SLM CORP (SLM)
CIK: 0001032033
Period of Report: 2016-05-01

Reporting Person: Lutz Laurent Charles (EVP, GC and Secretary)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-05-01	Common Stock	F	11000	$6.77	Disposed	944984.4601	Direct

Footnotes

F1: On May 1, 2014, Mr. Lutz was awarded 66,260 Restricted Stock Units ("RSUs") representing rights to receive shares of common stock of SLM Corporation (the "Company") to vest in one-third increments on May 1, 2015, 2016 and 2017. On May 1, 2016, 22,087 shares of such RSUs vested, of which 11,000 shares were withheld by the Company to satisfy Mr. Lutz's tax withholding obligations.