Item 2.01 Completion of Acquisition or Disposition of Assets.
On October 22, 2009, GRP Loan, LLC and GRP Strategies, LLC (collectively,
"GRP"), wholly-owned subsidiaries of SLM Corporation (the "Company"), entered
into an Asset Purchase and Sale Agreement (the "Purchase Agreement") dated as of
October 22, 2009 with DLJ Mortgage Capital, Inc. ("DLJ") to sell substantially
all of GRP's mortgage loan and real estate assets to DLJ. The Company entered
into a Guaranty Agreement by which it guaranteed GRP's post-closing obligations
with respect to the sold assets. On October 26, 2009, GRP and DLJ completed the
sale under the Purchase Agreement. DLJ paid GRP a purchase price of $278,682,850
for the assets it purchased. In connection with this transaction, the Company
expects to recognize an after tax loss of approximately $85 to $95 million in
the fourth quarter.
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