On November 1, 2021, SLM Corporation closed an offering of $500,000,000 aggregate principal amount of 3.125% Senior Notes due 2026 issued by the Company. The Notes have been registered under the Securities Act of 1933, as amended, pursuant to a registration statement on Form S-3. The Company has filed with the SEC a prospectus supplement dated October 27, 2021, together with the accompanying prospectus dated July 30, 2021, relating to the offer and sale of the Notes. The Notes were issued under an indenture dated June 17, 2015 with Deutsche Bank National Trust Company, as trustee, as supplemented by the third supplemental indenture dated November 1, 2021. The Notes bear interest at the rate of 3.125% per annum. Interest is payable on May 2 and November 2 of each year, beginning May 2, 2022. The Notes will mature on November 2, 2026. The Company may redeem the Notes, in whole or in part, at any time at the applicable redemption prices, as set forth in the Indenture. In addition, if the Company experiences certain change of control events with respect to the Notes, it must offer to purchase all or any part of that holder?s Notes at a purchase price equal to 101% of the principal amount of Notes repurchased, plus accrued and unpaid interest, if any, to, but excluding, the date of purchase. The Company intends to use part of the net proceeds from the Offering to fund the redemption in full of the $200 million aggregate principal amount outstanding of its 5.125% senior notes due 2022, including payment of accrued and unpaid interest and any make-whole premium thereon, and for general corporate purposes, which may include the repayment of debt and future share repurchase programs.