Va Partners Goes Active on SLM Corp.

Item 4.     Purpose of Transaction

     The responses to Items 3, 5 and 6 of this Schedule 13D are incorporated
herein by reference.
The Reporting Persons have had and anticipate having further discussions
with officers and directors of the Issuer in connection with the Reporting
Persons' investment in the Issuer. The topics of these conversations will
cover a range of issues, including those relating to the business of the
Issuer, management, board composition (which may include whether it makes
sense for a ValueAct Capital employee to be on the Issuer's board of
directors), investor communications, operations, capital allocation, dividend
policy, financial condition, mergers and acquisitions strategy, overall
business strategy, executive compensation, and corporate governance. The
Reporting Persons may also have similar conversations with other stockholders
or other interested parties, such as industry analysts, existing or potential
strategic partners or competitors, investment professionals, and other
investors. The Reporting Persons may at any time reconsider and change their
intentions relating to the foregoing. The Reporting Persons may also take one
or more of the actions described in subsections (a) through (j) of Item 4 of
Schedule 13D and may discuss such actions with the Issuer's management and
the board of directors, other stockholders of the Issuer, and other
interested parties, such as those set out above.

     The Reporting Persons intend to review their investments in the Issuer
on a continuing basis. Depending on various factors, including, without
limitation, the Issuer's financial position and strategic direction, the
outcome of the discussions and actions referenced above, actions taken by the
Issuer's board of directors, price levels of the Common Stock, other
investment opportunities available to the Reporting Persons, conditions in
the securities market and general economic and industry conditions, the
Reporting Persons may in the future take actions with respect to its
investment position in the Issuer as it deems appropriate, including, without
limitation, purchasing additional Common Stock or other instruments that are
based upon or relate to the value of the Common Stock or the Issuer in the
open market or otherwise, selling some of all of its securities of interests
held by the Reporting Persons, and/or engaging in hedging or similar
transactions with respect to the Common Stock.