Sallie Mae (NASDAQ: SLM), formally SLM Corporation, announced today that its Board of Directors approved a 2014 second-quarter dividend on its Preferred Stock Series A of $0.87125 per share. The dividend will be paid on April 30, 2014, to shareholders of record at the close of business on April 18, 2014.

In addition, the company announced a 2014 second-quarter dividend on its Preferred Stock Series B of $0.4890871 per share. The dividend will be paid on June 16, 2014, to stockholders of record at the close of business on June 6, 2014.

Sallie Mae also announced that it will suspend payment of dividends on its common stock upon completion of the separation of Navient, its loan management, servicing and asset recovery business. Navient’s dividend policy, which will be determined by its board of directors, is expected to follow Sallie Mae’s prior common stock dividend policy including payment of a second quarter 2014 common stock dividend of $0.15 per share.

On March 31, 2014, Sallie Mae had approximately 3.3 million shares of Preferred Stock Series A and 4 million shares of Preferred Stock Series B outstanding. These shares trade on NASDAQ.

Sallie Mae (NASDAQ: SLM) is the nation’s No. 1 financial services company specializing in education. Whether college is a long way off or just around the corner, Sallie Mae turns education dreams into reality for American families, today serving more than 25 million customers. With products and services that include Upromise rewards, scholarship search and planning tools, education loans, insurance, and online banking, Sallie Mae offers solutions that help families save, plan, and pay for college. Sallie Mae also provides financial services to hundreds of college campuses as well as to federal and state governments. Learn more at SallieMae.com. Commonly known as Sallie Mae, SLM Corporation and its subsidiaries are not sponsored by or agencies of the United States of America.