Sallie Mae 2012 Annual Report Download - page 114
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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors and Stockholders of SLM Corporation:
In our opinion, the consolidated balance sheet as of December 31, 2011 and the related consolidated
statements of income, comprehensive income, stockholders’ equity and cash flows for each of two years in the
period ended December 31, 2011 present fairly, in all material respects, the financial position of SLM
Corporation and its subsidiaries at December 31, 2011, and the results of their operations and their cash flows for
each of the two years in the period ended December 31, 2011, in conformity with accounting principles generally
accepted in the United States of America. These financial statements are the responsibility of the Company’s
management. Our responsibility is to express an opinion on these financial statements based on our audits. We
conducted our audits of these statements in accordance with the standards of the Public Company Accounting
Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, and evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP
McLean, VA
February 27, 2012
F-4