<SEC-DOCUMENT>0001628280-15-005293.txt : 20150824
<SEC-HEADER>0001628280-15-005293.hdr.sgml : 20150824
<ACCEPTANCE-DATETIME>20150714153559
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001628280-15-005293
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20150714

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SLM CORP
		CENTRAL INDEX KEY:			0001032033
		STANDARD INDUSTRIAL CLASSIFICATION:	PERSONAL CREDIT INSTITUTIONS [6141]
		IRS NUMBER:				522013874
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		300 CONTINENTAL DRIVE
		CITY:			NEWARK
		STATE:			DE
		ZIP:			19713
		BUSINESS PHONE:		(302) 283-8000

	MAIL ADDRESS:	
		STREET 1:		300 CONTINENTAL DRIVE
		CITY:			NEWARK
		STATE:			DE
		ZIP:			19713

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SALLIE MAE
		DATE OF NAME CHANGE:	20020517

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	USA EDUCATION INC
		DATE OF NAME CHANGE:	20000801

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SLM HOLDING CORP
		DATE OF NAME CHANGE:	19970203
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd">
<html>
	<head>
		<!-- Document created using Wdesk 1 -->
		<!-- Copyright 2015 Workiva -->
		<title>slm7142015</title>
	</head>
	<body style="font-family:Times New Roman;font-size:10pt;">
<a name="sa344b0ab22ca4fb6a99d616b73fc706c"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;text-align:left;"><img src="slm714.jpg" style="height:69px;width:150px;"></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:174%;text-align:justify;padding-left:6px;text-indent:0px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;font-weight:bold;">300 Continental Drive</font></div><div style="line-height:174%;text-align:justify;padding-left:6px;text-indent:0px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;font-weight:bold;">Newark, DE 19713</font></div><div style="line-height:174%;padding-top:8px;text-align:justify;padding-left:6px;text-indent:0px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;font-weight:bold;">t: 302-451-0200</font></div><div style="line-height:120%;text-align:left;padding-left:6px;text-indent:0px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">July 14, 2015</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Steven J. McGarry</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Executive Vice President and</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Chief Financial Officer</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Stephanie Ciboroski</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Senior Assistant Chief Accountant</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Division of Corporation Finance</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Securities and Exchange Commission</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">100 F Street, N.E.</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Washington, D.C. 20549</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Re:</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:11pt;">SLM Corporation</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:11pt;">Form 10-K for Fiscal Year Ended December 31, 2014</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:11pt;">Filed February 26, 2015</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:11pt;">File No. 001-13251</font></div><div style="line-height:120%;text-align:left;text-indent:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Dear Ms. Ciboroski,</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:24px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">On behalf of SLM Corporation (the &#8220;Company&#8221;), I respectfully provide our responses to the comments in your letter dated July 6, 2015.  For your convenience, the text of your comments is reproduced below before each applicable response.      </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;text-decoration:underline;">Form 10-K for Fiscal Year Ended December 31, 2014</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;font-weight:bold;text-decoration:underline;">Item 1. Business</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;font-weight:bold;text-decoration:underline;">Supervision and Regulation, page 10</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">&#160;</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;">1.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">Please confirm that in future filings, as applicable, you will not include the language contained in the third sentence of your Overview section that seeks to qualify your descriptions of applicable laws and regulations; you are responsible for the information contained in your Annual Report.</font><font style="font-family:inherit;font-size:11pt;">&#32;</font></div></td></tr></table><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">&#160;</font></div><br><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><a name="sa344b0ab22ca4fb6a99d616b73fc706c"></a><div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Stephanie Ciboroski</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Securities and Exchange Commission</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">July 14, 2015</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Page </font><font style="font-family:inherit;font-size:11pt;">2</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;font-weight:bold;text-decoration:underline;">Response:</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">We confirm that in future filings we will not include the language contained in the third sentence of our Overview section qualifying our descriptions of applicable laws and regulations.</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;font-weight:bold;text-decoration:underline;">Item 11.  Executive Compensation, page 75</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;font-weight:bold;text-decoration:underline;">Definitive Proxy Statement on Schedule 14A</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;font-weight:bold;text-decoration:underline;">Pre-Spin-Off MIP Computations, page 43</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;">2.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;font-weight:bold;">Please describe the reasons that the Nominations, Governance and Compensation Committee exercised its downward discretion in lowering the 2014 Post-Spin-Off Corporate Performance Bonus Component approximately 20% from the 2014 Post-Spin-Off Target Bonus Amount you disclosed on page 44. </font></div></td></tr></table><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;font-weight:bold;text-decoration:underline;">Response:</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">As described on pages 39 and 42 of the Company&#8217;s definitive 2015 proxy statement (the &#8220;Proxy Statement&#8221;), the Company&#8217;s Management Incentive Plan (&#8220;MIP&#8221;) adopted by the Nominations, Governance, and Compensation Committee (the &#8220;NGC Committee&#8221;) of the Company&#8217;s Board of Directors funds a potential maximum aggregate bonus pool upon achievement of a specific objective performance trigger, in this case earnings per share.&#160; The funding of the potential maximum bonus pool allows for payments to individuals above target bonuses but does not irreversibly obligate the NGC Committee to pay out the maximum amount of the bonus.  The NGC Committee may then exercise downward (or &#8220;negative&#8221;) discretion (and did so in 2014) as is common in so-called umbrella plans designed to permit deductibility of compensation expense for tax purposes.  Actual bonus payments are determined largely by reference to the achievement of the corporate MIP performance goals set forth and calculated in the Proxy Statement, on page 44, as well as an individual performance component established by the NGC Committee in consultation with our Chief Executive Officer.  (The Chief Executive Officer does not participate in the determination of any aspects of his bonus.)</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">For 2014, two separate MIP programs existed: one for the period prior to the Company&#8217;s separation from Navient and one for the period after such separation (the &#8220;2014 Post-Spin-Off MIP&#8221;) to which your question applies.&#160; &#160;</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">With respect to the 2014 Post-Spin-Off MIP payouts disclosed in the second table on page 44 of the Proxy Statement (reproduced below), the amounts reflected in column (d) of the table represent the named executive officers&#8217; (the &#8220;NEOs&#8221;) 2014 Post-Spin-Off target bonuses.  The amounts in column (g), reflect the actual total Post-Spin-Off bonus amounts paid to the NEOs, which consist of both a corporate 2014 Post-Spin-Off MIP performance component (i.e., column (e)) and individual performance component ((i.e., column (f)).  When reviewing the total bonus payments reflected in column (g), the NGC Committee determined the amounts were appropriate in light of the Company&#8217;s level of achievement of the 2014 Post-Spin-Off MIP corporate performance targets, the NEOs&#8217; individual performances, and the transformative changes faced by the Company in connection with the Spin-Off in 2014. Therefore, actual total 2014 Post-Spin-Off MIP bonuses exceeded target.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><br><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><a name="sa344b0ab22ca4fb6a99d616b73fc706c"></a><div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Stephanie Ciboroski</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Securities and Exchange Commission</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">July 14, 2015</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Page </font><font style="font-family:inherit;font-size:11pt;">3</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:98.44054580896686%;border-collapse:collapse;text-align:left;"><tr><td colspan="31"></td></tr><tr><td width="13%"></td><td width="1%"></td><td width="1%"></td><td width="7%"></td><td width="1%"></td><td width="3%"></td><td width="1%"></td><td width="2%"></td><td width="10%"></td><td width="1%"></td><td width="1%"></td><td width="1%"></td><td width="2%"></td><td width="10%"></td><td width="1%"></td><td width="1%"></td><td width="1%"></td><td width="2%"></td><td width="10%"></td><td width="1%"></td><td width="1%"></td><td width="1%"></td><td width="2%"></td><td width="10%"></td><td width="1%"></td><td width="1%"></td><td width="1%"></td><td width="2%"></td><td width="9%"></td><td width="1%"></td><td width="1%"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:53px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:53px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:53px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:53px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:53px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:53px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:53px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:53px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:53px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:53px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:53px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:53px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:53px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:53px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:53px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:53px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:53px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:53px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:53px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:53px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:53px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:53px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:53px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:53px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:53px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Named Executive Officer</font></div><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">(a)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">% of</font></div><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Base Salary</font></div><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">(b)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">2014 Full Year</font></div><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Target Bonus</font></div><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">$ Amount</font></div><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">(c)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">2014 Post-Spin-</font></div><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Off Target Bonus</font></div><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">$ Amount*</font></div><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">(d)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">2014 Post-Spin-Off</font></div><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Corporate</font></div><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Performance</font></div><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Bonus Component</font></div><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">(e)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">2014 Post-</font></div><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Spin-Off</font></div><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Individual</font></div><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Performance</font></div><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Bonus Component</font></div><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">(f)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">2014 Post-Spin-</font></div><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Off Total Bonus</font></div><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">(g)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Mr. Quinlan</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">150</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">% </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">900,000</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">604,110</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">461,540</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">552,625</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,014,165</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Mr. McGarry</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">125</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">% </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">468,750</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">314,640</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">240,385</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">149,700</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">390,086</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Mr. Lutz</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">787,500</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Mr. Dale</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">100</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">% </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">400,000</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">350,000</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">350,000</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Mr. Rocha</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">125</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">% </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">468,750</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">314,640</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">240,385</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">169,700</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">410,086</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:9pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:91.22807017543859%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td width="3%"></td><td width="97%"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">*</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Amounts are pro-rated based on the eight-month period beginning May 1, 2014 and ending December 31, 2014. </font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:9pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:91.22807017543859%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td width="3%"></td><td width="97%"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">**</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Mr. Dale&#8217;s offer letter states that he is eligible to participate in the 2014 MIP and has a guaranteed minimum bonus of $350,000. </font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;font-weight:bold;text-decoration:underline;">Note 2-Significant Accounting Policies, page F-12</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;font-weight:bold;text-decoration:underline;">Allowance for Private Education Loan Losses, page F-14</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;">3.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;font-weight:bold;">We note your disclosure that you have a 120 day charge-off period, which is down from your prior policy of a 212 day charge-off period. Additionally, on page 21 you state that in light of the change in your charge-off policy, you have revised your default aversion strategies to now focus more on loans 30 to 120 days delinquent. Lastly, we note that you disclose on page 2 that approximately 90 percent of your loans are cosigned. Please respond to the following: </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">a.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;font-weight:bold;">Tell us in more detail how the amount of the charge-off at 120 days is determined given the high percentage of your loans that are cosigned. </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">b.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;font-weight:bold;">Describe to us the procedures you take with respect to the cosigner prior to charging off the loan at 120 days past due. </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">c.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;font-weight:bold;">Tell us whether in all instance you seek action with the cosigner prior to charging off the loan at 120 days past due. </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">d.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;font-weight:bold;">Tell us in more detail about the default aversion strategies you take on the loans that are past due and whether the actions differ from the strategies previously performed under your old charge-off policy. </font></div></td></tr></table><br><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><a name="sa344b0ab22ca4fb6a99d616b73fc706c"></a><div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Stephanie Ciboroski</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Securities and Exchange Commission</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">July 14, 2015</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Page </font><font style="font-family:inherit;font-size:11pt;">4</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;font-weight:bold;text-decoration:underline;">Response:</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">a.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;">Tell us in more detail how the amount of the charge-off at 120 days is determined given the high percentage of your loans that are cosigned. </font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:48px;text-indent:-24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:24px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">All of our Private Education Loans are unsecured loans and in accordance with Federal Deposit Insurance Corporation guidelines</font><font style="font-family:inherit;font-size:11pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">1</sup></font><font style="font-family:inherit;font-size:11pt;">, when the loan is 120 days past due we charge off 100 percent of the loan balance without regard to whether there is a cosigner.  As described further in (b) below, prior to any charge-off event, we make numerous attempts to contact both the borrower and the cosigner to cure the delinquency on the loan.</font></div><div style="line-height:120%;text-align:left;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">b.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;">Describe to us the procedures you take with respect to the cosigner prior to charging off the loan at 120 days past due. </font></div></td></tr></table><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:24px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">To the extent there is a cosigner on the loan, we will attempt to reach that cosigner before charging off the loan.&#160; Typically, once a loan is 10 days delinquent, we send an email to both the borrower and the cosigner to inform them of the delinquency.  Shortly thereafter we attempt to contact both the borrower and the cosigner by telephone.  By the end of the first month of the delinquency, our contact attempts with the borrower and the cosigner would have included a letter, several emails and several telephone calls.  We employ the same methods to contact a cosigner as we would a borrower (letters, emails, telephone calls).&#160;As the loan becomes more delinquent, we increase the frequency of contact attempts through correspondence, email and telephone.  </font></div><div style="line-height:120%;text-align:left;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">c.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;">Tell us whether in all instance you seek action with the cosigner prior to charging off the loan at 120 days past due. </font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:24px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Yes, in all instance prior to charging off a loan we would have made numerous attempts to contact the cosigner beginning with the tenth day of the initial delinquency. </font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">d.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;">Tell us in more detail about the default aversion strategies you take on the loans that are past due and whether the actions differ from the strategies previously performed under your old charge-off policy. </font></div></td></tr></table><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:24px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Please see our answer to (b) above.  Our default aversion strategies have not changed as result of the change in our charge-off policy.  However, the change has condensed the period in which the default aversion strategies must be executed.  </font></div><div style="line-height:120%;text-align:left;padding-left:24px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:24px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:24px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:24px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:24px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:24px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:24px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:24px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:24px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:24px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">___________</font></div><div style="line-height:120%;text-align:left;padding-left:24px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">1</sup></font><font style="font-family:inherit;font-size:11pt;">&#32;</font><font style="font-family:inherit;font-size:8pt;font-style:italic;">FDIC Law, Regulations, Related Acts, 5000 - Statements of policy, Uniform Retail Credit Classification and Account Management Policy</font><font style="font-family:inherit;font-size:8pt;">.  &#8220;&#8230;Closed-end retail loans that become past due 120 cumulative days and open-end retail loans that become past due 180 cumulative days from the contractual due date should be classified Loss and charged off.&#8221;</font></div><div style="line-height:120%;text-align:left;padding-left:24px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><br><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><a name="sa344b0ab22ca4fb6a99d616b73fc706c"></a><div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Stephanie Ciboroski</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Securities and Exchange Commission</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">July 14, 2015</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Page </font><font style="font-family:inherit;font-size:11pt;">5</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;font-weight:bold;text-decoration:underline;">Troubled Debt Restructurings, Page F-15</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;">4.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;font-weight:bold;">We note your disclosure that your troubled debt restructuring (TDR) portfolio is comprised mostly of loans with interest rate reductions and forbearance usage greater than three months. We also note your disclosure on page F-23 that your forbearance policies include limits on the number of forbearance months granted consecutively and the total number of forbearance months granted over the life of the loan. Please respond to the following: </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">a.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;font-weight:bold;">Clarify whether in all instances you would classify a loan as a TDR if more than one three-month forbearance period was granted to a borrower over the life of the loan. If not, please tell us the circumstances when you would not consider multiple three-month forbearance periods to be a TDR. </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">b.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;font-weight:bold;">Tell us how you consider the existence of a cosigner in deciding whether to offer a concession or forbearance on a loan. For example, tell us whether you grant concessions on student loans where cosigners exist. </font></div></td></tr></table><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;font-weight:bold;text-decoration:underline;">Response:</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">a.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;">Clarify whether in all instances you would classify a loan as a TDR if more than one three-month forbearance period was granted to a borrower over the life of the loan. If not, please tell us the circumstances when you would not consider multiple three-month forbearance periods to be a TDR. </font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">During the initial period after a borrower enters full principal and interest repayment (typically upon graduation), we allow the borrower to receive six months of forbearance within the first nine months after the loan enters full principal and interest repayment without the loan being classified as a TDR loan.  This reflects that, at the time the loan is originated, we recognize borrowers may need some additional time beyond the initial grace period to get on a sound financial footing following graduation.  This is typically a period when borrowers may have higher expenses resulting from relocation, work-related wardrobe needs, rent deposit, acquisition of a car, or even to obtain gainful employment.  </font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Once the initial nine month period described above is over, any loan that receives more than three months of forbearance in a twenty-four month period is classified as a TDR.   We use a twenty-four month period because we believe that if a borrower has requested forbearance in excess of three months within a twenty-four month period, the financial difficulty that triggered the request for forbearance has likely not resolved itself.  However, if a borrower has received no more than three months&#8217; forbearance and then subsequently has twenty-four months or more of on-time payments before the borrower requests another forbearance, the triggering of the second forbearance is likely to be a new event that has caused the borrower to be in financial difficulty. </font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">b.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;">Tell us how you consider the existence of a cosigner in deciding whether to offer a concession or forbearance on a loan. For example, tell us whether you grant concessions on student loans where cosigners exist. </font></div></td></tr></table><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Yes, we grant forbearance and interest rate reductions on Private Education Loans when there is a cosigner on the loan.  Most forbearance is requested by (and subsequently granted to) borrowers prior to a loan becoming delinquent.  Consequently, we typically do not contact the cosigner before the forbearance is granted. </font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><br><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><a name="sa344b0ab22ca4fb6a99d616b73fc706c"></a><div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Stephanie Ciboroski</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Securities and Exchange Commission</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">July 14, 2015</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Page </font><font style="font-family:inherit;font-size:11pt;">6</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">*           *          *          *          *</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:24px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">In connection with our response to your letter, we acknowledge that:</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">We are responsible for the adequacy and accuracy of the disclosure in the filing;</font></div></td></tr></table><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Staff comments or changes to disclosure in response to staff comments do not foreclose the Securities and Exchange Commission from taking any action with respect to the filing; and</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">We may not assert staff comments as a defense in any proceeding initiated by the Securities and Exchange Commission or any person under the federal securities laws of the United States.</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:24px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">If you have additional questions or comments, please feel free to contact me.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:336px;font-size:11pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:11pt;">Sincerely,</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:240px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:center;padding-left:336px;font-size:11pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:332px;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td width="332px"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">/s/ STEVEN J. MCGARRY</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Steven J. McGarry</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Executive Vice President and Chief Financial Officer</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><br><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div>	</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>slm714.jpg
<TEXT>
begin 644 slm714.jpg
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M+J]R"8_-!,<"=#-( 02H[*""QP 0,LLWA_0+?P[8M!$\D\TKF:YNYR#+<RD
M-(Y ')     4!54!5 &G1111111111111111111111111111111111111111
M17/?$#P!X?\ BEX-U7PKXITR'6-!U2$P75I..&4]"".58$ AA@@@$$$5^/?B
M#0_B'_P22_:2AU72I+KQ'\*]?DV@2':FH6P.3!+CY4NH@Q*O@ YR/E9T'Z\?
M"KXI^&OC3X!TCQCX2U%-3T/4XO-AE7AD/1HW7^%U8%64]"#7,_M)?LZ^%OVG
M?A?J'@WQ1!A9/WUCJ$:@S6%R 0DT9]1D@CHRD@]:_+_]D?X_>*_^">7[0.K_
M  5^+,CP>";J\"FX<DPV4CG]U?0D]8)!C>.W7AD93^R$,T=S#'-#(LL4BATD
M0@JRD9!!'4$5\-?\%-_V(D_: \#OX^\(V(/Q#\/VY+P0I\VK6:Y+0X'65.60
M]3RG==N7_P $M_VVF^-7A!?ACXROVD\=>'[;-E>7+Y?5+)> 23RTL0P&SRR[
M6Y(<C[\HHHHHHHHHHHHHHJA)&=0O%!_X]+=MW_720=/P4\_[V.FWFW/.EK"\
MLK;(T&YF]JI:?:R27#:A=+MN)%V1QMSY$><[?]XD MCN .0H-2:KJ7]FVZLL
M9GN)6\N"!3@R.02!GL, DGL 3VJ/1]).G)+-/)]IU"X(>YN,8W$=%4?PHO15
M^I)+%B=&BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBN#^-WP5\+
M_M _#?5O!7BVR%WI=^GRR+@2VLP!V3Q,1\KJ3D'H>0002#^2WP3^)GC/_@EG
M^TWJ7P]\>/-?_#G5IEDGFA1C%+"QVQ:E O.& &V1!DD*R\E$-?LSH^KV/B#2
M;/4],NX;_3KR%+BVNK=P\<T;J&5U8<$$$$$>M?+W_!0/]C&R_:N^&9N=)BBM
MOB'H,;RZ1=G"_:5ZM:2-_=?^$G[KX/0L#\Z_\$J_VQKV29O@#\0YIK77-+,D
M/A^;4,I+MCR)+"0-R'CVDH#SM#+QL4']-Z_'_P#X*._LYZU^RO\ &K1OV@OA
M>7TG3KS4EN+G[(F%T[4CEB2!_P L9QNRIXW%U/#J*_2']E7]HW1/VHO@WH_C
M323'!>./LVJZ<K[FL;Q0/,B/?'(92>JLI]J]?HHHHHHHHHHHHIDI;;M4X9N
M?3WI8XUB0(HPJC %56C^W7(W<V\+9QV>0?T7^?\ NU9FF2WA>61MD:*69CV
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M6[,H/:OQQ_9[\?>(O^"9O[96K> _&<\A\%:I-'9ZA/@K%+;,Q^RZB@_V-QW
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M &%++_T5)7Z:44444444444445Y%^UA\![3]I'X"^*? \XC6^NK?S],N)/\
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MD4JZGV*DC\:_$#]DO7+_ /8G_P""ATG@K6+AX],FU2;PI>R2<"6"9Q]DG..
M"_V>3)Z*S=,U^YM%%%%?RRZ]_P AS4?^OF3_ -"-4:[;X&^)K/P7\;/A_P"(
M=1?R]/TGQ#I]_<N?X8XKF-W/Y*:_H'_;0D2;]D3XN21NKQMX7OF5E.0086P0
M:_G"HK]2/^"&O_(7^,?_ %PTG_T*[K]4/$&O6/A?0=2UK4YUM=-TZVDO+J=N
MD<4:%W8^P4$_A7\YO[5W[3OB7]JCXK:AXHUJXFBTJ-WAT;2"_P"ZT^US\J #
MC>P +MU9O8*!XS1117VY_P $M/VJM4^#?QPTOP%J5]))X)\872V36LKDI:WS
M_+!,@_A+-MC;&,A@3]P5^YE?SH_MY_\ )XOQ:_[#LW\EKP6O:OV*?^3N/A#_
M -C-8_\ HU:_H^K^7?XB?\E \3?]A2Z_]&M7/U]B_P#!)G_D];PQ_P!@_4/_
M $F>OVC_ &A?^2 _$O\ [%G4_P#TEDK^9>BOTD_X(B_\E=^(_P#V X?_ $H%
M?JW\4OB)I?PD^'/B3QGK3%=+T.PEOIE4X9PBDA%_VF.%'NPK^<7X^?'CQ7^T
M9\2M3\9>+;U[B\NG*V]JK$P64 )*00J?NHH/U)RQR237G5%%%?='_!+/]KC5
M_A'\8]*^&^L:A)/X%\5W(LXK>=R4L;]SB&2//W1(^(V P#O5OX>?W K^:3]J
M'_DYCXM_]C=J_P#Z6RUYE117WO\ \$9_'!\/_M/:OX?DE"V_B#0)XUC_ +T\
M,D<JG\$$WYU^M'[2OC,_#S]GOXD>)$;;/IOAZ^G@YQF80.(QGW<J/QK^:"BB
MBOUT_P""'_\ R3_XI_\ 84LO_14E?;?[5'QWM?V;?@3XH\>SPK=7.GP".QM'
M) GNI&"0H<<[=S MC^%6K^=+XA?$/Q%\5O&.I^*O%>JW&LZ[J4IFN+NX;))/
M15'15 P HP%    %<[1117ZT_P#!'?\ :HU7Q-#JGP8\2WTM]_9EH=1\/SSL
M6:.W5E66UR>JKO1D'8;QT"@?IMJ6HVVD:?=7][,MM9VL33S32'"QHH+,Q/H
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M?^"KGC$^%/V+O%-LDODSZW>66EQD'DYG69U'U2%Q]":_!:BBBOUT_P""'_\
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M:V\4?!/X*V=D^ZV\22OXB0*<CRTMHPA_$79Q]#7Y1T^*&2=BL:-(P5F(49.
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MTJ^BUBT5FS^[G7RY%4=@KPJ?K+[U^C_B;P_9^+O#>K:%J,?G:?J=I+97,?\
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M^.]>ATJW;*VUHO[RZO''\$,0^9SR,GH,Y8@<U^4?[2?_  5^\?\ Q'^UZ/\
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M_P#)XOQ:_P"P[-_):\%KVK]BG_D[CX0_]C-8_P#HY:_H^K^7?XB?\E \3?\
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M $@N:_57_@J=X@N]!_8G\;"SE:%[Z:QLI'4X/EO=1EQ^(4J?8FOP,HK]GO\
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M=^R#XR\)Z1X<\/:+K5OK%A+=ROJGG;T9)-N%V.HQCUKY0_X?:?%#_H0_"/\
MY-?_ !VC_A]I\4/^A#\(_P#DU_\ ':_6SX7^*;CQS\-?"7B2[BC@NM8TBTU"
M6*'.Q'EA21E7))P"Q R:Z:BOP?\ ^"HVCS_#_P#;HU_6K%C!/>PZ=K-NV/N2
M+"D>1_P. G\:_='0=7B\0:%IVJ0?ZB^MH[F/_==0P_0U^='_  6Z\,I=?"/X
M<>(3&#)8:Y-8"3'($]N7(S[_ &8?E7KW_!)?Q./$'[%WAVS\SS'T;4K_ $]L
MG)7,YG _*<?ABNU_X*-^&!XL_8K^*%KMR]M8Q:@I'4>1<13$_E&1]":^./\
M@AWXF9;SXM>'G?*-'IU_$GH09XY#^.Z/\J_5JBBOY9=>_P"0YJ/_ %\R?^A&
MJ-?:G_!(;_D\G3O^P+?_ /H"U^M?[:G_ ":3\7O^Q8O_ /T2U?S@45]/?\$S
M 3^W%\+\?\][W_T@N:_4/_@K1_R97XE_[".G_P#I0E?@]17[2_\ !%/_ )-?
M\6?]CC<_^D5E7QG_ ,%?O^3Q;O\ [ =C_)Z^)JGL>;ZW!_YZ+_,5_5#7\Z/[
M>?\ R>+\6O\ L.S?R6O!:]J_8I_Y.X^$/_8S6/\ Z.6OZ/J_EW^(G_)0/$W_
M &%+K_T:U<_7V+_P29_Y/6\,?]@_4/\ TF>OVC_:%_Y(%\2^_P#Q3.I_^DLE
M?S+T5^DG_!$7_DKOQ'_[ </_ *4"OKG_ (*W?\F7:_\ ]A33_P#T>*_"*BOV
MP_X(NG_C%/Q!_P!C?=_^DEG7P]_P5T_Y/-UC_L$6'_HJOC"M7PG_ ,C5HW_7
M[#_Z&M?U)U_-)^U#_P G,?%O_L;M7_\ 2V6O,J_7[_@B'_R2SXE_]AFW_P#1
M!JK_ ,%NOAX+[P#\./'$49WZ;J-QI$[*.JSQB5-WL#;OC_?/M7Y%T5[3^Q;X
M%_X61^U9\+="9=\,FN6]U,F,[HK<_:)!^*1,*_;_ /;\_P"3-OBQ_P!@5_\
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M\KZ*_<C]B7]M'X,Z/^R7X*L=>^(&B>'-5\.:6MC?Z9JEVL-T&BR,QQ$[I0P
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M$OB9_P $5?AYJ\EQ=^#?'&N>% 07^RW]O'J4*8[+\T3XX_B=CSU[5\B^-?\
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M8?PI_P""-?PD\&WMO>^+];UKQY/%@FTD*V-G(?5DC)D_#S<>N:^Y?"?@_0_
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? :K:W,FEB<V=BB7'DZ>JB5,I&]W<,KYZ/MV\9K__V0$!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
