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Sallie Mae extends Chase Student Loans - student loan relationship through 2010

RESTON, Va., March 22, 2005—SLM Corporation (NYSE: SLM), commonly known as Sallie Mae, announced today that it has extended both its , Chase Student Loans and Bank One student loan servicing and loan purchase commitments to Aug. 31, 2010. This comprehensive agreement also dissolves the joint venture between Student Loans and Sallie Mae student loans that has been marketing student loans (education or alternative loans) under the brand since 1996, and resolves the lawsuit filed by JPMorgan on Feb. 17.

JPMorgan Chase (Chase Student Loans) will continue to sell all student loans to Sallie Mae (whether made under the Chase or Bank One brand) that are originated or serviced on Sallie Mae student loan platforms. In addition, the agreement provides that substantially all Chase-branded student loans issued during the July 1, 2005 to June 30, 2006 academic year (and future student loans made to these borrowers) will be sold to Sallie Mae student loans, including certain student loans that are not originated or serviced on Sallie Mae student loans platforms.

"We are pleased to resolve this matter, and to have complete marketing freedom to promote our internal brands and strategic lender partners to our school customers," said Tim Fitzpatrick, president and COO, Sallie Mae student loans.

Sallie Mae anticipates that the agreement will have no adverse impact on school clients for the 2005–06 loan processing season. Sallie Mae will continue to support its school customers through its comprehensive set of products and services, including its loan origination and servicing platforms, its family of lending brands and strategic lender partners.

For more information contact:
Martha Holler (703) 984-5178

SLM Corporation (NYSE: SLM), commonly known as Sallie Mae, is the nation's leading provider of saving- and paying-for-college programs. The company manages $160 billion in education loans and serves nearly 10 million student and parent customers. Through its Upromise affiliates, the company also manages $19 billion in 529 college-savings plans, and 8 million members have joined Upromise to help save for college with rewards on purchases at nearly 70,000 places. Sallie Mae and its subsidiaries offer debt management services as well as business and technical products to a range of business clients, including higher education institutions, student loan guarantors and state and federal agencies. More information is available at www.salliemae.com. SLM Corporation and its subsidiaries are not sponsored by or agencies of the United States of America.

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