SLM Corp — Director's Dealing 2017

May 3, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SLM CORP (SLM)
CIK: 0001032033
Period of Report: 2017-05-01

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-05-01	Common Stock	F	2692	$12.75	Disposed	321678	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	2141.996	Indirect

Footnotes

F1: On May 1, 2014, the reporting person was granted restricted stock units ("RSUs") representing rights to receive shares of common stock of SLM Corporation (the "Company"), subject to vesting conditions, to vest in one-third increments on May 1, 2015, 2016 and 2017. On May 1, 2017, 5,543 shares vested in connection with these RSUs, of which 2,692 shares were withheld by the Company to satisfy the reporting person's tax withholding obligations.

F2: The total number of shares of Common Stock is adjusted to correct for a prior administrative error with respect to the number of shares of Common Stock reported to be held by the Reporting Person.

F3: Represents the number of units held in a unitized stock fund in the Sallie Mae 401(k) Savings Plan as of May 1, 2017.