SALLIE MAE 2013 BENEFITS OVERVIEW

BENEFITING TODAY.SECURING TOMORROW.

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Sallie Mae provides a comprehensive benefits program designed to help meet your needs

and those of your family — both now and in the future. The benefits that Sallie Mae offers

are competitive and flexible, recognizing the diverse needs of our employees. Sallie Mae

also promotes healthy lifestyles by providing a comprehensive wellness program to keep

you and your family healthy and happy, whether at work or at play.

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HEALTH CARE BENEFITSSallie Mae offers medical, dental, and vision care coverage to all benefits-eligible employees and their eligible dependents, including domestic partners. Employees are generally eligible for coverage the first of the month following their hire date.

MedicalSallie Mae offers two different medical plan options through Anthem Blue Cross Blue Shield. Both plans provide you with national network coverage and worldwide access to medical facilities, providers and services. This is made possible through Anthem’s BlueCard program which unites the Anthem Blue Cross Blue Shield network with other Blue Cross Blue Shield licensed plans. Both options offer unlimited flexibility over which physicians you use. Your care will not be managed by a gatekeeper, or primary care physician — you may choose to see a specialist without a referral.

Additionally, the medical plan options provide prescription drug and comprehensive medical coverage, including 100% coverage for preventive care. This means your routine annual physical, well-child care visits, immunizations, and other preventive tests may be provided at no cost to you.

You may also take advantage of Anthem’s 24/7 NurseLine, Future Moms Maternity Management, and Condition Care programs. These free and confidential services help members who need medical care, guidance, and support.

Sallie Mae will make an employer contribution to your HSA or HRA for you to use on qualified medical expenses once you become eligible for benefits. The contribution amount is based on the date of hire.

Anthem High Deductible Health Plan (HDHP) with Health Savings Account (HSA)

The HDHP gives you more control over your health care decisions and dollars. It includes the option to contribute to a Health Savings Account, tax-free. You may use the money in your Health Savings Account to pay for qualified medical expenses now or save the funds for future medical expenses. The in-network coinsurance under this plan is 80% for prescriptions and other covered services after satisfying the annual deductible. Certain maintenance prescription medications are covered at 80% without having to satisfy the annual deductible. The list of these medications can be found on www.salliemaebenefits.com.

Anthem PPO Plan with Health Reimbursement Account (HRA)

The PPO offers 80% coinsurance for in-network covered services after satisfying a smaller annual deductible. Some services will be subject to copays. Prescription drugs are subject to a copay with minimum and maximum amounts.

You will pay a higher monthly premium if you elect this medical plan versus the HDHP option, however, there is a lower annual deductible and lower out-of-pocket maximums.

Dental Sallie Mae offers two dental plan options: The Premiere Plan and the Basic Plan. Administered by Delta Dental, the PPO Dental Plans offer you flexibility to choose any licensed provider you wish; however, your benefits are greater if you see a provider who participates with Delta Dental.

Premier Plan

` Preventive (exams, cleanings) 100%

` Restoration (fillings) 80%

` Major (bridges, crowns) 50%

` Orthodontia (including adult orthodontia) 50%

` Deductible* Individual $50/Family $100

` Annual Maximum Benefit $1,500/person

` Orthodontia Lifetime Maximum $2,000/person

Basic Plan

` Preventive (exams, cleanings) 100%

` Restoration (fillings) 80%

` Major (bridges, crowns) 50%

` Deductible* Individual $50/Family $100

` Annual Maximum Benefit $1,000/person

` This plan does not cover implants or orthodontia

*Applies to Basic and Major services

Vision Sallie Mae’s vision care plan is provided through UnitedHealthCare (UHC) and offers access to a nationwide network of retail and private practice providers. The UnitedHealthCare Vison benefit includes a comprehensive eye exam, and a pair of eyeglasses or contact lenses once every 12 months.

Sallie Mae’s award-winning SMart Wellness program offers a variety of ways to help you and your family with your physical, emotional and financial health. Our goal is to encourage and support healthy lifestyle choices by offering a variety of wellness activities you can participate in, while earning wellness incentives to reduce your medical plan premiums. Some of the activities you can participate in, include:

` On-site biometric screenings

` Fitness challenges

` Online wellness education courses

` Tobacco-cessation program

` On-site flu vaccinations

` Health coaching

` And more!

Note: Employees who successfully complete 3 Asset Health online wellness education courses within 60 days of their date of hire will be eligible for a wellness discount on their medical plan premium. Log onto www.salliemaebenefits.com to learn more about activities being offered!

www.salliemaebenefits.com

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FLEXIBLE SPENDING ACCOUNTS (FSAs)The Flexible Spending Accounts are administered by WageWorks. In addition to pretax medical, dental and vision premiums, this plan offers two FSAs.

Healthcare FSA In 2013, you may contribute up to $2,500 of your pretax income to pay for eligible out-of-pocket medical, dental and vision care expenses such as deductibles and copayments. Paying for eligible expenses on a pretax basis reduces your taxable income, which saves you money. If you enroll in the HDHP, you may only participate in a limited use FSA.

Dependent Care FSA In 2013, you may contribute up to $5,000 of your pretax income to pay for eligible child care and elder care expenses. Paying for eligible expenses on a pretax basis reduces your taxable income, which saves you money.

PAID TIME OFF (PTO)Sallie Mae recognizes the importance of balancing your work life and your personal life. Employees will accrue paid time off (PTO) based on length of service with Sallie Mae. PTO for part-time employees is pro-rated based on hours worked.

Full-time employees are eligible to use PTO after the completion of 90 days of employment and accrue PTO hours each pay period as follows:

PTO Schedule

Years of ServiceGrades

3-6Grades

7-9Grades 10-14

Up to 1 Year Anniversary 15 20 25

1-4 Years 20 20 25

5-9 Years 25 25 25

10+ Years 30 30 30

Holidays Sallie Mae observes 8 paid holidays per calendar year. Please visit www.salliemaebenefits.com for the list of scheduled holidays.

www.salliemaebenefits.com

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EDUCATION BENEFITSTuition Reimbursement To support your education goals, Sallie Mae offers reimbursement of eligible tuition expenses and instructional materials for job-related courses taken in pursuit of a job-related degree or certificate program. Employees are eligible for up to $5,250 reimbursement per calendar year.

Family Scholarship Program Each spring, Sallie Mae awards scholarships to children of employees in the amount of $2,000. Awards are renewable for up to 3 years or until a bachelor’s degree or certificate is earned, whichever occurs first. Scholarships are awarded based on academic record, demonstrated leadership skills, and various other activities, awards and honors. Employees are eligible for this program after completion of one year of service.

529 College Savings Program Sallie Mae offers various State Section 529 Plans that provide employees a flexible, tax-advantaged way to save regularly for future college expenses.

INCOME PROTECTION BENEFITSLife Insurance The company provides you with the following company-paid insurance plans:

` Group Term Life Insurance One times your eligible pay with a minimum of $50,000.

` Accidental Death and Dismemberment (AD&D) Insurance One times your eligible pay with a minimum of $50,000.

` Business Travel Accident Insurance One times your eligible pay with a minimum benefit of $50,000.

Voluntary Life Insurance In addition, you may elect to purchase additional term life, AD&D, and dependent life insurance at group rates.

Disability Insurance You are eligible for disability insurance the first of the month following 90 days of employment that may provide income protection for an illness or injury that prevents you from working.

` Short-Term Disability Benefits may begin after 7 calendar days of continuous total or partial disability. This plan pays 66 2/3% of your eligible pay for days 8-90, and 60% of your eligible pay for days 91-180 of a continuous disability, up to a maximum weekly benefit of $3,077.

` Long-Term Disability Benefits may begin after 180 calendar days of continuous disability. This plan pays 60% of your eligible pay up to a maximum monthly benefit of $15,000.

www.salliemaebenefits.com

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Sallie Mae will help her:

` Save for the future to reach her retirement goals

` Continue her education to achieve her career objectives

` Save for her children’s college education

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INVESTING IN YOUR FUTUREThe Sallie Mae 401(k) Savings Plan provides you with the opportunity and resources necessary to help achieve a secure financial future for yourself and your family. Employees can begin contributing to this plan after one month of employment.

` Employee Contributions: You may contribute up to 75% of your eligible pay, on a pretax basis, up to the annual IRS limits. Employees age 50 and older are eligible to make additional catch-up contributions. See www.salliemaebenefits.com for more information on contribution limits.

` Company Contributions: Sallie Mae provides a contribution of up to 5% of your eligible pay. You will receive a 1% core contribution from Sallie Mae — whether you participate in the plan or not — beginning one month after your hire date. Additionally, Sallie Mae matches your pretax contributions dollar-for-dollar up to 100% of the first 3% of eligible pay, and 50% for the next 2% of pay, after the completion of six months of service.

` Vesting: You are 100% vested in Sallie Mae’s core contribution after the completion of one year of service, and 100% vested in the company matching contributions after six months of service.

Plan features include:

• On-line access and personal account management

• Investment options, including target date retirement funds, the Sallie Mae Stock Fund and a self-directed brokerage account

• Loans from your individual account balance (up to two loans at a time)

• In-service withdrawals (restrictions may apply)

Employee Stock Purchase Plan Sallie Mae’s Employee Stock Purchase Plan allows you to share in the Company’s success by purchasing shares of stock at a 15% discounted price. You may contribute 1%–25% of your base pay up to $7,500 per plan year. Enrollment in this plan is available to employees hired on or before July 1, and annually each year thereafter.

COMMUNITY SUPPORTLeaders in Education Program This program allows full-time employees to spend up to 48 hours of paid time per year (including travel time), volunteering for corporate-sponsored K-12 education outreach programs during the workday.

Dollars for Doers If you volunteer or serve on the board of an eligible organization, you may apply for a $250 grant to that organization. If you participate in a fund-raising event, you may apply for a $50 grant for the organization.

OTHER VALUABLE BENEFITS Adoption Assistance Employees may be reimbursed for expenses associated with adopting a child. The maximum benefit per adoption is $5,000 for full-time employees and $2,500 for part-time employees.

Employee Assistance Program Sallie Mae’s Employee Assistance Program through ComPsych provides you and your eligible family members with free, confidential and professional assistance in resolving a problem that affects your home or work life.

Long-Term Care Insurance Long-Term Care Insurance provides coverage for assisted living, nursing home stays, adult daycare, and home health care expenses. You may elect to purchase Long-Term Care Insurance for yourself, your spouse, parents, parents-in-law, grandparents, and grandparents-in-law at group rates.

Group Auto/Homeowners Insurance Sallie Mae offers auto and homeowners insurance at group rates through MetLife. Additional discounts may apply if you elect automatic payroll deductions.

` This brochure highlights certain information concerning benefits for Sallie Mae employees. It does not provide complete details of Sallie Mae’s benefit plans and constitutes neither a Summary Plan Description, nor a legal commitment to provide benefits. If there are any discrepancies between the information given in this brochure and an official plan documents, the plan documents will govern. The provisions of this notice do not constitute a contract of employment, nor are they a covenant for continued employment. Consistent with applicable law, Sallie Mae reserves the right to change its benefits programs, plans, and rates at anytime without notice.

Log onto www.salliemaebenefits.com to

discover more about the benefits offered

to you by Sallie Mae!

www.salliemaebenefits.com

This document is an outline of the coverage proposed by the carrier(s), based on information provided by your company. It does not include all of the terms, coverage, exclusions, limitations, and conditions of the actual contract language. The policies and contracts themselves must be read for those details. Policy forms for your reference will be made available upon request.

The intent of this document is to provide you with general information regarding the status of, and/or potential concerns related to, your current employee benefits environment. It does not necessarily fully address all of your specific issues. It should not be construed as, nor is it intended to provide, legal advice. Questions regarding specific issues should be addressed by your general counsel or an attorney who specializes in this practice area.

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