For securities tendered in the Any and All Offer that were not previously purchased on the Early Tender Settlement Date, which occurred on March 13, 2013, payment will be made on March 27, 2013 (the “Final Settlement Date”). Payment will also be made on the Final Settlement Date for securities accepted for purchase in the Waterfall Offer. In addition to the Any and All Total Consideration or the Waterfall Total Consideration, as applicable, holders will also receive accrued and unpaid interest from the last interest payment date to, but not including, the Final Settlement Date.

Sallie Mae has retained BofA Merrill Lynch and Barclays to serve as the Dealer Managers for the Offers. Sallie Mae has also retained D.F. King & Co., Inc. to serve as the Tender Agent and Information Agent. Copies of the Offer to Purchase and Letter of Transmittal can be obtained by contacting the Information Agent at 800-207-3158. Questions regarding the Offers should be directed to BofA Merrill Lynch at 888-292-0070 (toll free) or 980-683-3215 (collect) and Barclays at 800-438-3242 (toll-free) or 212-528-7581 (collect). You may also contact your broker, dealer, commercial bank or trust company or other nominee for assistance concerning the Offers.

This press release is not a tender offer to purchase or a solicitation of acceptance of Offers, which may be made only pursuant to the terms of the Offer to Purchase and the Letter of Transmittal. In any jurisdiction where the laws require the tender offers to be made by a licensed broker or dealer, the Offers will be deemed made on behalf of Sallie Mae by BofA Merrill Lynch and Barclays or one or more registered brokers or dealers under the laws of such jurisdiction. The Offers are not being made in any jurisdiction in which the making or acceptance thereof would not be in compliance with the laws of such jurisdiction.

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