<SEC-DOCUMENT>0000950103-21-007503.txt : 20210519
<SEC-HEADER>0000950103-21-007503.hdr.sgml : 20210519
<ACCEPTANCE-DATETIME>20210519171657
ACCESSION NUMBER:		0000950103-21-007503
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20210519
DATE AS OF CHANGE:		20210519

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:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13251
		FILM NUMBER:		21941252

	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:	SLM CORP
		DATE OF NAME CHANGE:	20030326

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>dp151364_defa14a-2.htm
<DESCRIPTION>FORM DEFA14A
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 92.05pt 0pt 122pt; text-align: center">UNITED STATES</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 92.1pt 0pt 122pt; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 92.05pt 0pt 122pt; text-align: center">Washington, D.C. 20549</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 92.05pt 0pt 122pt; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 92.1pt 0pt 122pt; text-align: center"><B>SCHEDULE 14A</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 92.15pt 0pt 122pt; text-align: center"><B>(RULE 14A-101)</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 92.15pt 0pt 122pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 91.9pt 0pt 122pt; text-align: center"><B>INFORMATION REQUIRED IN PROXY
STATEMENT</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 91.9pt 0pt 122pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 91.9pt 0pt 122pt; text-align: center"><B>SCHEDULE 14A INFORMATION</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 91.9pt 0pt 122pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="text-align: center; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">Proxy Statement Pursuant to
Section 14(a) of the</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Securities Exchange Act of 1934 (Amendment No. 1)&nbsp;</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">Filed by the Registrant &#9746;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">Filed by a Party other than the Registrant &#9744;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">Check the appropriate box</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; width: 5%">&nbsp;&#9744;</TD>
    <TD STYLE="padding-bottom: 10pt; width: 95%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Preliminary Proxy Statement</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt">&nbsp;&#9744;</TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt">&nbsp;&#9744;</TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Definitive Proxy Statement</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt">&nbsp;&#9746;</TD>
    <TD STYLE="padding-bottom: 10pt">Definitive Additional Materials</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0pt">&nbsp;&#9744;</TD>
    <TD STYLE="padding-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Soliciting Material Pursuant to &sect;240.14a-12</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 33pt">&nbsp;</P>

<P STYLE="font: bold 20pt Arial, Helvetica, Sans-Serif; margin: 0pt 110.2pt 0pt 114.1pt; text-align: center">SLM Corporation</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 110.2pt 0pt 114.1pt; text-align: center">(Name of registrant as specified
in its charter)</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 110.2pt 0pt 114.1pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(Name of person(s) filing proxy
statement, if other than the registrant)</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 77.45pt 0pt 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 248.7pt 0pt 0pt">Payment of Filing Fee (Check the appropriate box): </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 248.7pt 0pt 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9746;</TD><TD>No fee required.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 248.7pt 0pt 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9744;</TD><TD>Fee computed on table below per Exchange Act Rules 14a-6(i)(4)
and 0-11.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>Title of each class of securities to which transaction applies:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>Aggregate number of securities to which transaction applies:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="padding-right: 5.55pt">Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11
(set forth the amount on which the filing fee is calculated and state how it was determined):</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>Proposed maximum aggregate value of transaction:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(5)</TD><TD>Total fee paid:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9744;</TD><TD>Fee paid previously with preliminary materials.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 8pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9744;</TD><TD>Check box if any part of the fee is offset as provided by Exchange
Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration
statement number, or the Form or Schedule and the date of its filing.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 10.5pt 0pt 33pt; text-indent: -25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>Amount Previously Paid:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>Form, Schedule or Registration Statement No.:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>Filing Party:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>Date Filed:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="background-color: white"><B>SUPPLEMENT
TO DEFINITIVE PROXY STATEMENT DATED APRIL 22, 2021<BR>
FOR THE 2021 ANNUAL MEETING OF STOCKHOLDERS<BR>
TO BE HELD ON TUESDAY, JUNE 8, 2021</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">This supplement
(the &ldquo;Supplement&rdquo;) amends and supplements the Notice of 2021 Annual Meeting of Stockholders and Proxy Statement of SLM Corporation
(the &ldquo;Company&rdquo;), dated April 22, 2021 (the &ldquo;Original Proxy Statement&rdquo;), provided to stockholders in connection
with the Company&rsquo;s 2021 Annual Meeting of Stockholders to be held on Tuesday, June 8, 2021. </FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">This Supplement
updates and replaces the disclosure in the Original Proxy Statement with respect to &ldquo;Proposal 2 &ndash; Approval of the 2021 Omnibus
Incentive Plan&rdquo; as stated on the relevant page of the Original Proxy Statement, to provide further data as of the record date, April
12, 2021, as follows:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT>On page 11:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #333333"><B>Key Data </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #333333">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.25in">The following table
includes information regarding outstanding equity awards and Shares available for future awards under the Predecessor Plan as of December
31, 2020:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #E8ECF3">
    <TD STYLE="width: 87%; padding-left: 0.1in; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Shares underlying outstanding options</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 13%; font-size: 11pt; text-align: right"><FONT STYLE="font-size: 10pt">241,675</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.1in; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Weighted average exercise price of outstanding options</I></FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 11pt; text-align: right"><FONT STYLE="font-size: 10pt">$5.24</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #E8ECF3">
    <TD STYLE="padding-left: 0.1in; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Weighted average remaining contractual life of outstanding options</I></FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 11pt; text-align: right"><FONT STYLE="font-size: 10pt">0.1 years</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 0.1in; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-left: white 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.1in; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Shares subject to outstanding, unvested full-value awards<SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 11pt; text-align: right"><FONT STYLE="font-size: 10pt">6,864,538</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #E8ECF3">
    <TD STYLE="border-bottom: #1E428A 1pt solid; padding-left: 0.1in; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Shares currently available for grant as of December 31, 2020</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1E428A 1pt solid; font-size: 11pt; text-align: right"><FONT STYLE="font-size: 10pt">12,983,107</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.1in"></TD><TD STYLE="width: 0.4in">(1)</TD><TD STYLE="text-align: justify">Assumes performance stock units (&ldquo;PSUs&rdquo;) vest at target levels<FONT STYLE="color: #545454">.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.25in">The following table
includes information regarding outstanding equity awards and Shares available for future awards under the Predecessor Plan as of the record
date of April 12, 2021:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #E8ECF3">
    <TD STYLE="vertical-align: top; width: 87%; padding-left: 0.1in; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Shares underlying outstanding options</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 13%; font-size: 11pt; text-align: right"><FONT STYLE="font-size: 10pt">999,211</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.1in; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Weighted average exercise price of outstanding options</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-size: 11pt; text-align: right"><FONT STYLE="font-size: 10pt">$17.65</FONT></TD></TR>
  <TR STYLE="background-color: #E8ECF3">
    <TD STYLE="vertical-align: top; padding-left: 0.1in; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Weighted average remaining contractual life of outstanding options</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-size: 11pt; text-align: right"><FONT STYLE="font-size: 10pt">9.8 years</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 0.1in; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-left: white 1pt solid; font-size: 11pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.1in; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Shares subject to outstanding, unvested full-value awards<SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-size: 11pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;5,915,255</FONT></TD></TR>
  <TR STYLE="background-color: #E8ECF3">
    <TD STYLE="border-bottom: #1E428A 1pt solid; vertical-align: top; padding-left: 0.1in; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Shares currently available for grant as of April 12, 2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #1E428A 1pt solid; font-size: 11pt; text-align: right"><FONT STYLE="font-size: 10pt">10,428,248</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.1in"></TD><TD STYLE="width: 0.4in; text-align: left">(1)</TD><TD>Assumes PSUs vest at target levels.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.25in">Over the last three
fiscal years, the Company has granted awards covering a total of 10,110,103 Shares. In addition, from January 1, 2021 through the record date of April 12, 2021, the Company granted additional awards covering a total of
2,554,857 Shares. The following table sets forth information regarding
awards granted and the annualized grant rate for each of the three fiscal years and the period from January 1, 2021 through the record date of April 12, 2021:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: #1E428A">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; width: 41%; font-size: 12pt; text-indent: 0pt; padding-left: 0.1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><B>Fiscal Year</B></FONT></TD>
    <TD STYLE="text-indent: 0pt; padding-right: 2pt; width: 16%; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 10pt; color: white"><B>Stock&nbsp;Options<BR>
Granted</B></FONT></TD>
    <TD STYLE="text-indent: 0pt; padding-right: 2pt; width: 15%; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 10pt; color: white"><B>Full-Value&nbsp;Awards<BR>
Granted</B></FONT></TD>
    <TD STYLE="text-indent: 0pt; padding-right: 2pt; width: 15%; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 10pt; color: white"><B>Weighted Average<BR>
Shares&nbsp;Outstanding</B></FONT></TD>
    <TD STYLE="text-indent: 0pt; padding-right: 2pt; width: 13%; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 10pt; color: white"><B>Annualized&nbsp;Grant<BR>
Rate<SUP>(1)</SUP></B></FONT></TD></TR>
  <TR STYLE="background-color: #E8ECF3">
    <TD STYLE="text-indent: 0pt; padding-right: 2pt; vertical-align: top; padding-left: 0.1in; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>2021(year to date through record date of April 12, 2021)</I></FONT></TD>
    <TD STYLE="text-indent: 0pt; padding-right: 2pt; white-space: nowrap; vertical-align: bottom; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 10pt">998,891</FONT></TD>
    <TD STYLE="text-indent: 0pt; padding-right: 2pt; white-space: nowrap; vertical-align: bottom; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 10pt">1,555,966</FONT></TD>
    <TD STYLE="text-indent: 0pt; padding-right: 2pt; white-space: nowrap; vertical-align: bottom; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 10pt">356,716,026</FONT></TD>
    <TD STYLE="text-indent: 0pt; padding-right: 2pt; white-space: nowrap; vertical-align: bottom; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 10pt">0.72%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-indent: 0pt; padding-right: 2pt; vertical-align: top; padding-left: 0.1in; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>2020</I></FONT></TD>
    <TD STYLE="text-indent: 0pt; padding-right: 2pt; white-space: nowrap; vertical-align: bottom; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-indent: 0pt; padding-right: 2pt; white-space: nowrap; vertical-align: bottom; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 10pt">4,310,977</FONT></TD>
    <TD STYLE="text-indent: 0pt; padding-right: 2pt; white-space: nowrap; vertical-align: bottom; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 10pt">383,704,798</FONT></TD>
    <TD STYLE="text-indent: 0pt; padding-right: 2pt; white-space: nowrap; vertical-align: bottom; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 10pt">1.12%</FONT></TD></TR>
  <TR STYLE="background-color: #E8ECF3">
    <TD STYLE="text-indent: 0pt; padding-right: 2pt; vertical-align: top; padding-left: 0.1in; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>2019</I></FONT></TD>
    <TD STYLE="text-indent: 0pt; padding-right: 2pt; white-space: nowrap; vertical-align: bottom; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-indent: 0pt; padding-right: 2pt; white-space: nowrap; vertical-align: bottom; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 10pt">3,192,659</FONT></TD>
    <TD STYLE="text-indent: 0pt; padding-right: 2pt; white-space: nowrap; vertical-align: bottom; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 10pt">427,291,716</FONT></TD>
    <TD STYLE="text-indent: 0pt; padding-right: 2pt; white-space: nowrap; vertical-align: bottom; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 10pt">0.75%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #1E428A 1pt solid; text-indent: 0pt; padding-right: 2pt; vertical-align: top; padding-left: 0.1in; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>2018</I></FONT></TD>
    <TD STYLE="text-indent: 0pt; padding-right: 2pt; white-space: nowrap; vertical-align: bottom; border-bottom: #1E428A 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-indent: 0pt; padding-right: 2pt; white-space: nowrap; vertical-align: bottom; border-bottom: #1E428A 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 10pt">2,606,467</FONT></TD>
    <TD STYLE="text-indent: 0pt; padding-right: 2pt; white-space: nowrap; vertical-align: bottom; border-bottom: #1E428A 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 10pt">435,053,704</FONT></TD>
    <TD STYLE="text-indent: 0pt; padding-right: 2pt; white-space: nowrap; vertical-align: bottom; border-bottom: #1E428A 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;0.6%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0.1in; text-align: justify">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
annualized grant rate is calculated as of December&nbsp;31 of each fiscal year (or, as of April 12, 2021, as applicable) by dividing the
number of Shares subject to awards granted in such fiscal year by the weighted average shares outstanding.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.25in">In combination
with other activity under the Predecessor Plan that occurred since December&nbsp;31, 2020, the Company has 10,428,248  Shares
available for future issuance under the Predecessor Plan as of the record date. Since December 31, 2020, the Company has issued 2,554,857
Shares as of the record date and will limit additional grants in the aggregate under the Predecessor Plan between the record date of April&nbsp;12,
2021 through the 2021 Annual Meeting of Stockholders to be held on June&nbsp;8, 2021 to be no more than 400,000 Shares</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0pt">in total.
These Shares will primarily be used to fulfill our annual equity compensation requirements for our Board of Directors. Following the
date of the approval of the Omnibus Plan by the stockholders, <B><U>no further awards can or will be issued under the Predecessor
Plan</U></B>, other than the grants to our Board of Directors, as described in the immediately preceding sentence, on June&nbsp;8,
2021. This means that all of the 10,428,248 Shares will be extinguished in their entirety other than the Shares to be granted to our
Board of Directors, which will not exceed 400,000 Shares in total.</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">This Supplement
also updates and replaces the disclosure in the Original Proxy Statement with respect to the required votes for approval of each of the
proposals as stated on the relevant page of the Original Proxy Statement, as follows:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="background-color: white">On page 16: <I><U>Required Vote</U></I>. This proposal to approve
the Omnibus Plan requires the affirmative vote of the holders of a majority of the Common Stock present, represented and entitled to vote
at the Annual Meeting. Abstentions and broker non-votes have the same effect as votes &ldquo;AGAINST&rdquo; the matter. </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="background-color: white">On page 17: This proposal to approve the resolution regarding the
compensation of Sallie Mae&rsquo;s NEOs requires the affirmative vote of the holders of a majority of the Common Stock present, represented
and entitled to vote at the Annual Meeting. Abstentions and broker non-votes have the same effect as votes &ldquo;AGAINST&rdquo; the matter.
This proposal is advisory in nature and therefore is not binding on the NGC Committee or the Board of Directors. However, the NGC Committee
will, as it has done in the past, carefully evaluate the outcome of the vote when considering future executive compensation decisions.
</FONT></TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="background-color: white">On page 18: For ratification, this proposal will require the affirmative
vote of the holders of a majority of the shares of Common Stock present, represented, and entitled to vote at the Annual Meeting. Abstentions
have the same effect as votes &ldquo;AGAINST&rdquo; the matter. Because Proposal 4 is a routine matter, your broker, bank, trustee or
other nominee have the discretion to vote your shares even if they do not receive voting instructions from you, and therefore there are
no broker non-votes for this Proposal. If the appointment of KPMG is not ratified, the Audit Committee will evaluate the basis for the
stockholders&rsquo; vote when determining whether to continue the firm&rsquo;s engagement. Even if the selection of Sallie Mae&rsquo;s
independent registered public accounting firm is ratified, the Audit Committee may direct the appointment of a different independent registered
public accounting firm at any time during 2021 if, in its discretion, it determines such a change would be in the Company&rsquo;s best
interests.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">Except as
specifically supplemented by the information contained herein, all information set forth in the Proxy Statement remains unchanged. From
and after the date of this Supplement, all references to the &ldquo;Proxy Statement&rdquo; are to the Proxy Statement as supplemented
hereby. The Proxy Statement contains important information and this Supplement should be read in conjunction with the Proxy Statement.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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