The terms of this Section apply if you're eligible for and choose to enroll in our Bill Payment Service. We reserve the right to not provide access to, or to terminate your eligibility for, the Bill Payment Service based on your debit history or how you handle your Account.

1. Use of Bill Payment Service

   You may use our Bill Payment Service, to direct us to make payments from your Funding Account to the Payees you choose in accordance with this Agreement (Payments).

2. Service Guarantee

   We will bear responsibility for any late payment related charges up to Fifty Dollars ($50.00) should a Payment post after the Scheduled Payment Due Date or Deliver by Date, provided that the Payment was scheduled and the Payee information was maintained in accordance with the guidelines described within this Agreement. Notwithstanding the foregoing, we shall not be responsible for any such charges if we do not have responsibility or liability for a Payment transaction, late payments or late payment related charges under the other provisions of this Agreement, including, without limitation, those payments described under the Exception Payments section below.

3. Responsibility

   We shall use commercially reasonable efforts to process the Scheduled Payments per your instructions. We shall not be liable for any Payment transaction if: (i) you do not have enough money in your Funding Account to complete the transaction; (ii) a legal order prohibits withdrawals from your account; (iii) your Funding Account is closed or has been frozen, or is otherwise not authorized to debit the corresponding Payment Amount; (iv) you, or anyone you allow, commits fraud or violates any law or regulation in connection with the Bill Payment Services; (v) any electronic terminal, telecommunication device or part of the electronic fund transfer system is not working properly; (vi) you did not provide complete and correct Funding Account, Payment or Payee information; (vii) you did not properly follow the instructions or terms and conditions for use of the Bill Payment Service; (viii) you knew and/or had been advised that Bill Payment Service was not operating properly at the time you scheduled the Payment; (ix) there is a postal delay; or (x) circumstances beyond our control (such as fire, flood or improper transmission or handling by a third party) that prevent, hinder or delay the transaction.

   With the exception of the foregoing, if the Bill Payment Service incorrectly debits your Funding Account and/or directs funds from your Funding Account to a Payee inconsistent with the instructions you specified in the Scheduled Payment, the Bill Payment Service shall, upon detecting the error or receiving notice from you, be responsible for returning the improperly transferred funds to your Funding Account and/or redirecting funds to the proper Payee and/or contacting the Payee to request appropriate adjustments on your account with the Payee except as otherwise provided under the Authorization section below.

4. Liability

   You will be responsible for any Payment request you make that contains an error or is a duplicate of another Payment. We are not responsible for a Payment that is not made if you did not properly follow the instructions for making a Payment. We are not liable for any failure to make a Payment if you fail to promptly notify us after you learn that you have not received credit from a Payee for a Payment. We are not responsible for your acts or omissions or those of any other person, including, without limitation, any Payee or transmission or communications facility, and no such party shall be deemed to be our agent. In any event, we will not be liable for any special, consequential, incidental, or punitive losses, damages, or expenses in connection with the Bill Payment Service, even if we have knowledge of the possibility of them. We are not liable for any act, failure to act or delay in acting if it is caused, in whole or in part, by any cause beyond our reasonable control.

5. Setting Up and Maintaining Payees

   To begin using the Bill Payment Service you will first need to establish at least one Payee in your Payee List. You may add, modify or delete Payees as necessary. It is your responsibility to manage your Payee List and maintain accurate Payee information, such as but not limited to the address to which the Payee specifies Payments are to be delivered, your account number with the Payee, the name on your account with the Payee, etc, except where the Bill Payment Service expressly indicates that it shall manage such Payee information, such as a Merchant's remittance address. Payees must reside or exist within the United States of America or its territories or commonwealths. The Bill Payment Service provider and/or Sallie Mae reserve the right to refuse or remove a Payee for any reason.

6. Setting Up Payments

   To schedule Payments you must choose a Payee from your Payee List. You may schedule One-Time Payments and Recurring Payments to any of your Payees. It is your responsibility to cancel, skip, reschedule or revise a Scheduled Payment in accordance with the Payee's instructions to you, or as needed to ensure sufficient available funds in the corresponding Funding Account, or under circumstances where the Payee may return the Payment to us due to any reason outside our control. We reserve the right to refuse or cancel a Payment for any reason.

   The earliest possible Payment Date / Withdraw On Date and Due Date / Deliver By Date for each Payee will be determined and presented by the Bill Payment Service when you schedule a Payment. The Bill Payment Service will not permit a Payment Date / Withdraw On Date or Due Date / Deliver By Date earlier than the earliest possible dates presented. The Bill Payment Service determines this earliest possible Payment Date / Withdraw On Date and Due Date / Deliver By Date based on the number of Business Days required to deliver a Payment to the Payee, which is primarily affected by whether or not the Payee has agreed to accept remittance of Payments electronically (typically one or two (1 or 2) Business Days) or requires Payments be delivered by check (typically four or five (4 or 5) Business Days). A Payee's location or policies for posting and crediting payments may require additional Business Days. Payments scheduled after the Bill Payment Service's Cut-Off Time shall be processed no earlier than the following Business Day. Currently, the Cut-Off Time is 2:00 p.m. ET, but the Bill Payment Service provider and/or Sallie Mae may change the Cut-Off Time without prior notice.

   You should carefully consider factors such as the Payee's date payment due, grace period, whether the Payee's date payment due falls on a non-Business Day, etc, when scheduling a Payment to avoid late payments and late fees. You must allow the necessary number of Business Days prior to the Payee's date payment due for each Payment, including each Payment of a Recurring Payment series. Some businesses take longer to post payments than others. You should consider allowing additional time for the initial Payment to a Payee through the Bill Payment Service in order to gauge the appropriate Payment Date / Withdraw On Date or Due Date / Deliver By Date in each case, and determine whether to allow an additional one (1) or two (2) business days to avoid incurring any late fee charged by the Merchant. It is your responsibility to schedule Payments appropriately and in accordance with the Payee's requirements. We are not responsible for late payments and will not reimburse you for late fees, for any Payment delivered in accordance with your instructions, or as a result of a Payee's payment processing policies, or any other circumstance outside our control.

   We debit your Funding Account for the amount of a Payment on the day the payment is sent.

   Payments to Payees, businesses or individuals, outside the United States of America or its territories or commonwealths, are prohibited.

7. Editing or Canceling Payments

   Any Payment can be modified or canceled, provided you access the Bill Payment Service prior to the 2:00 PM ET Cut-Off Time on the Business Day Payment is going to be processed. Once a Payment is in-process, it cannot be canceled through the Bill Payment Service. Instead, you must contact Customer Service to request a stop payment. A Recurring Payment may be edited or canceled after processing for the current Payment instance is complete.

8. Stop Payment

   You may request to stop payment after a payment has been processed by contacting Customer Service. Our ability to successfully stop payment depends on how the funds were remitted to the Payee and the elapsed time since the Payment was processed. We will make commercially reasonable efforts to stop payment per your request, but shall have no liability if unsuccessful. You may be charged a stop payment fee for each request.

9. Exception Payments

   Tax payments and court ordered payments may be scheduled through the Bill Payment Service; however such payments are discouraged and must be scheduled at your own risk. In no event shall we be liable for any claims or damages resulting from you scheduling these types of payments. We shall have no obligation to research or resolve any claim resulting from any such payment. All research and resolution for any misapplied, mis-posted or misdirected payments will be your sole responsibility.

10. Bill Payment Process

    The Bill Payment Service will process Payments in accordance with the Payment instructions you provide. The Bill Payment Service will not process Payments on weekends or bank holidays. The Bill Payment Service will debit your Funding Account or issue a draft against your Funding Account, and deliver those funds to the designated Payee on your behalf such that the funds arrive as close to the scheduled Due Date / Deliver By Date as is reasonably practicable.

    Numerous business and technical requirements determine if a Payee can accept Payments electronically, but in all cases Payments can be remitted by check. The Bill Payment Service provider shall have sole discretion to determine the appropriate remittance method. In order to process Payments efficiently and effectively, or otherwise comply with Merchants' remittance requirements, the Bill Payment Service reserves the right to change or update Payee data, or alter the method of Payment remittance. We shall not be responsible for late payments, nor reimburse you for late fees, due to: a) U.S. postal delivery issues; b) electronic remittance network issues; c) your Payee's payment processing procedures; d) instances where the financial risk associated with the Payment requires check remittance instead of electronic remittance or additional Business Days to ensure sufficient funds in the Funding Account are available; or d) other circumstances beyond its control.

11. Authorization

    When you schedule a Payment, you expressly authorize us to withdraw from your Funding Account the Payment Amount and to remit those funds to the designated Payee on your behalf, and additionally to debit your Funding Account for any applicable Bill Payment Service related fees. You further authorize Sallie Mae to credit your Funding Account for any payment returned from or undeliverable to the Payee. In addition, you certify that the Funding Account is an account from which you are authorized to make payments and incur debits.

    You agree to have available and collected funds on deposit in the designated Funding Account in amounts sufficient to process each Payment as requested by you, as well as any other payment obligations you have to us. We reserve the right, without liability, to reject or reverse a Payment if you fail to comply with this requirement or any other terms of this Agreement. If you do not have sufficient funds in the Funding Account and we have not exercised our right to reverse or reject a Payment, you agree to pay for such Payment obligations on demand. You further agree we, at our option, may charge any of your accounts with us to cover such Payment obligations. Regardless of how a payment is scheduled to be sent, your Funding Account debited for the amount of a Payment on the Payment Date.

    You authorize the Bill Payment Service provider and us to contact your Payees to request appropriate adjustments consistent with your Payment instructions and/or as pertaining to the Service Guarantee and Responsibility, and/or to stop payment on any draft issued against your Funding Account in connection with the Bill Payment Service in the unlikely event that the Bill Payment Service remits funds incorrectly to any of your Payees, and/or to withdraw funds from your Funding Account in such event if you otherwise receive the benefit of the amount of such incorrectly remitted funds.

12. Returned Payments

    In using the Bill Payment Service, you understand that Payments may be returned by or to us for various reasons including but not limited to: the account or account number at the Payee is not valid, the Payee address is not valid, the Payee returns or rejects the remittance item, the account at the Payee has been paid in full or has been turned over to another company or individual. We shall use commercially reasonable efforts to research and correct the returned payment, or void the payment and credit your Payment Account. You may receive notification from the Bill Payment Service.

13. Additional Charges for Requested Services and Other Items.

    These charges will only be assessed if you request one or more of the services listed here. There will be NO Charge for any item if needed to correct our error.
    
    

    • Stop Payment: $15.00
      
      
    • Expedited Bill Pay (paper check): $25.00
      
      
    • Expedited Bill Pay (electronic): $5.00
      
      

    We and/or the Bill Payment Service provider reserve the right to charge you for research time involving payments no longer available in your Payment history screen. You will be informed of any such charges before they are incurred.

    Some Bill payments are processed by Electronic Fund Transfers (EFT). Please see the Electronic Fund Transfers Disclosure Statement included, or, received when you opened your account, which discloses important information concerning your rights and obligations.

14. Expedited Payment Terms and Conditions

    Expedited Bill Payment allows you to make an expedited payment to a payee. Depending on the recipient, payments may either be a same day electronic payment or a check sent overnight to the payee. If the payment cannot be expedited (cannot arrive to the payee more quickly than a standard payment would) it will not be displayed and the service will not be offered on that payment. A convenience fee (as noted on the Expedited Payment request page) per payment will be charged to your Funding Account for each expedited payment made. Once you have requested an expedited bill payment transaction, you may not place a stop payment request on it.

    If the payment is received later than the delivery date specified at the time the payment was scheduled, you are eligible for a refund of the convenience fee. However, late fees charged by the payee are not our responsibility and will not be refunded. All other conditions applicable to the Bill Payment Service apply to Expedited Bill Payment transactions.

    Expedited Electronic Payments are available for a limited number of payees. Availability of Expedited Payment options will be limited based on biller capabilities, time of day, payment delivery mechanisms and other factors. Expedited Payments will be unavailable for delivery to PO Box addresses or locations in Alaska, Hawaii, or any foreign or U.S. territory outside of the contiguous 48 states and District of Columbia. You are solely responsible for entering and verifying any address for overnight check payments to ensure it is correct and is specified as a valid overnight package address by the biller.

    Due to the inherent need to expedite the payment, payment instructions will be processed and completed immediately upon submission of your request. You will not have the ability to edit or cancel the payment instruction after he has confirmed the payment request.

15. Expedited Fees:
    
    
    • Expedited Bill Pay (paper check): $25.00
      
      
    • Expedited Bill Pay (electronic): $5.00
    
    
    
16. Account Security

    You are solely responsible for controlling the safekeeping of and access to your user identification, password or other means to access your Account and the Bill Payment Service. You agree not to give out or make available your user identification, password, access code, authenticating image or other means to access your Account to any unauthorized individuals. You are responsible for all Payment transactions authorized by you or by anyone to whom you provide access to your Bill Pay account. You are liable for all Payment transactions you make or that you authorize another person to make even if that person exceeds his or her authority.

17. Unauthorized Activity

    If you believe that your user identification, password, access code, authenticating image or other means to access your account has been lost, stolen or otherwise compromised, or that someone may attempt to use the Bill Payment Service without your consent or has transferred money without your permission, or if you suspect any fraudulent activity in your account(s), you must notify us at once at 877-346-2756.

    If your password has been compromised and you tell us within two (2) business days of discovering the loss or misappropriation, you can lose no more than fifty dollars ($50). If you do not tell us within the two (2) business day period, you could lose as much as five hundred dollars ($500) if we could have stopped the use of your Accounts had we received notice in a timely manner. You must contact Customer Service as soon as you identify any errors or discrepancies in your statement or transaction record, or if you need any information about a transaction listed on the statement or transaction record. We must hear from you no later than sixty (60) days after we have sent the first statement on which the unauthorized transaction, problem or error appeared (If you notify us verbally, we may require that you send us your complaint or question in writing or electronically within ten (10) business days). If you fail to notify us within the sixty (60) day period, you may not recover any of the money you lost if we can establish that the loss could have been avoided had you notified us on time. We may extend these time periods for good reasons such as out-of-town travel or extended hospital stays.

    When you report a problem or discrepancy, please: (i) tell us your name and Bill Payment Service Account number; (ii) describe the error or the transaction you are unsure about, and explain why you believe it is in error or what additional information you need; (iii) tell us the dollar amount of any suspected error; and (iv) tell us the Funding Account number used to pay the bill, the Payee name, the applicable Account number at the Payee, the date the Payment was sent, the Payment Amount and the Payment reference number. Generally speaking, we will tell you the results of our investigation within ten (10) business days after we hear from you. However, we may take up to forty-five (45) days to investigate your complaint or question. In this case, we may provisionally credit your account so that you have use of the money during the time it takes us to complete our investigation. If you fail to provide your complaint or question in writing within ten (10) business days of a request from us to do so, we reserve the right to not credit your account. If we confirm an error, we will correct your account record within ten (10) business days. If we determine that there was no error, we will send you a written explanation within three (3) business days after we conclude our investigation and will debit any interim amounts credited to your account. You may request copies of any documents that we use in our investigation.

18. Electronic Mail (e-mail)

    All such transactions must be initiated using the appropriate functions within the Bill Payment Service and cannot be initiated via e-mail.

19. Disclosure of Information

    It is our policy to treat your Bill Pay Service account information as confidential. However, we may disclose certain information about you, your accounts and/or Payments to third parties in situations such as: when necessary to complete a Payment transaction per your instructions; when necessary to activate additional services per your request; in order to determine credit worthiness; in order to comply with government agency or court orders, financial services regulations or law; or if you give us written permission.

    Information submitted to us is our property, and they are free to use and disclose that information, or any ideas, concepts, know-how or techniques contained in that information to any third party for any purpose whatsoever, except as specifically agreed by us or prohibited by law.

20. Account and Contact Information

    It is your sole responsibility to maintain accurate and complete contact information and Funding Account information in your user profile. This includes, but is not limited to, name, address, phone numbers and email addresses, and verifying account numbers. Changes can be made within the Bill Payment Service or by contacting Customer Service. Changes you make are typically effective immediately. We shall not be responsible for any payment processing errors or fees incurred if you do not provide accurate Funding Account or contact information.

21. Bill Pay Use and Limitations

    Following are the limitations on dollar amounts that will be imposed on Bill Pay on a daily basis (additional transactions will be denied once the daily dollar limit has been met):

    Activity	Daily Limit
    Maximum Bill Pay Single Transaction ($):	$9999.99
    Maximum Bill Pay Total Daily Transactions ($):	$20,000
    Maximum Expedited Bill Pay Single Transaction ($):	$1,000
    Maximum Expedited Bill Pay Total Daily Transactions ($):	$1,000

    
    
    

1. Your Card

   The Card you receive, if applicable, with your Account is a debit card and not a credit card. You acknowledge and agree that the funds available through or on your Card and Account at any time are limited to the funds that are in your Account and that if you repeatedly use your Card when you have insufficient funds, we reserve the right to close your Account.

2. Your Personal Identification Number ("PIN")

   We will provide you with an initial PIN which you will be required to change upon Card activation. Once you have selected your new PIN and activated your Card, you may use your Card to obtain cash from any Automated Teller Machine ("ATM") that requires entry of a PIN and bears any of the Network symbols printed on the back of your Card. You may use your Card to obtain cash-back from any Point-of-Sale ("POS") device where the MasterCard® or NYCE Merchant is properly equipped to facilitate a PIN-based transaction. All ATM transactions are treated as cash withdrawal transactions. You should not write your PIN where it can be discovered, give anyone your PIN, or keep your PIN with your Card. If you believe that anyone has gained unauthorized access to your PIN, you should advise us immediately, following the procedures in the section of this Agreement labeled "Your Liability for Unauthorized Transactions, Reporting and Disputing Errors, and MasterCard® Zero Liability Policy."

3. Activating and Terminating Your Card

   For your protection, when we send you a Card, the Card is not activated for your protection. Before using your Card, you must activate it by going online and following the instructions on the sticker affixed to your Card. You must sign the back of your Card. If you do not wish to use your Card or if at any time you no longer want to continue using your Card, please cut it up and carefully dispose of it. In addition, if you have activated your Card but no longer wish to use your Card, please call us to ensure that your Account is properly closed and any remaining funds in your Account are distributed to you.

4. General Use

   You may use your Card to:
   
   

   1. Withdraw cash from your Account (see the "ATM Use" section below).
      
      
   2. Pay for purchases at places that have agreed to accept the Card (see the "Point-of-Sale Transaction Procedures" and "Other Uses" sections below).

5. ATM Use

   To access your Account through an ATM, use the following steps:
   
   

   1. Insert or swipe your Card at any ATM displaying one of the Network symbols printed on the back of your Card.
      
      
   2. Follow the instructions/prompts as indicated by the ATM.
      
      
   3. Enter your 4-digit PIN when prompted.
      
      
   4. Select "Withdrawal" and "Checking" options when being prompted for type of transaction and type of withdrawal.
      
      
   5. The ATM may advise you of a "terminal charge." Should you select "Yes," the terminal fee amount will be deducted from your available Card balance in addition to any applicable fees noted in the "Fee Schedule" at the end of this Agreement. If you select "No," the transaction will be canceled.
      
      
   6. Enter the cash amount that you want to withdraw from your Account balance. (Please note that some ATMs may have a maximum dollar limit that can be dispensed at one time. Please further note that ATM limits may differ from the Card use limitations outlined in this Agreement.)
      
      
   7. If you are accessing a Sallie Mae Bank-sponsored surcharge-free network (such as AllpointTM), select "Yes" to accept the ATM terminal charge (if prompted), which will allow the transaction to be completed. The surcharge fee will not be charged to your Card. Check your receipt to ensure that only the requested withdrawal amount has been charged. If you are charged a surcharge fee in error, you may go online to http://www.allpointnetwork.com/refund.html to request a refund, or contact the toll-free Customer Service number printed on the back of your Card to request reimbursement or you may comply with any fee dispute procedures that are set forth in this Agreement in the "Reporting and Disputing Errors, Your Liability for Unauthorized Transactions and MasterCard® Zero Liability Policy" section above.
      
      

6. Point-of-Sale Transaction Procedures

   Except as otherwise provided herein, you may use the Card at any Point-of-Sale location displaying the Network symbols printed on the back of your Card. When making purchases of goods or services, you may select the "Credit" option or ask the cashier to process the transaction as a credit transaction. Sign the sales receipt and retain a copy for your records. If you select the "Debit" option at the Point-of-Sale location, you will be asked to enter your PIN and may be given the option to receive cash back.

7. Other Uses

   You may use the Card by placing an order by telephone, by mail, or over the internet and quoting or providing the number printed on the Card. We will deduct from the funds in your Account the amount of any such transaction authorized in such a manner.

8. Pending Transactions and Pre-authorization Holds

   Pending transactions are debits and credits that have not yet posted to your Account, and any pre-authorization holds. We may debit or place a hold on your Account for a debit transaction either on the day it is presented to us for payment by electronic or other means, or on the day we receive notice of the transaction, whichever is earlier. Card transactions may take several business days to post. Even if we provisionally post pending transactions to your Account during the day, we may treat them as if we received all of them at the end of the day and process them in any order we choose. If a Merchant requests an authorization for a transaction you want to conduct (a pre-authorization request), we may place a hold on your Account for the amount of that pre-authorization request. Examples of Merchants that perform this preauthorization are hotels, car rental companies, travel agencies, etc. Some Merchants may request pre-authorization of an amount either higher or lower than the actual transaction amount which ultimately posts to your Account. When the Card is used for rental car, hotel, or travel agency transactions, an additional 15% or more typically will be added to the Merchant authorization until the authorization is settled. When the Card is used for restaurant transactions, typically an additional 20% or more will be added to the Merchant authorization until the authorization is settled.

   While we place a hold on the pre-authorized amount, your Account will be debited only for the actual transaction amount when the transaction is processed. However, if the Merchant's preauthorization request varies from the amount of the transaction the Merchant subsequently submits to the Network, settlement of the transaction may not remove the hold, which may remain on the Card until the hold days have expired. While the hold remains on your Account, the balance available for some types of subsequent withdrawals (including additional card authorizations) may be reduced by the amount of the hold. The hold will not prevent the pre-authorized transaction from overdrawing your Account if sufficient funds are no longer available when the actual transaction is posted to your Account. We are not responsible for damages or losses of any type, including wrongful dishonor, if any transaction is not authorized or paid because of a hold.

9. Card Use and Limitations

   Following are the limitations on dollar amounts and frequency of transactions that will be imposed on the Card on a daily basis (additional transactions will be denied once the daily dollar limit or the daily transaction limit has been met):

   Activity	Daily Limit
   Maximum ATM Withdrawal ($):	$510.00
   Maximum ATM Withdrawals (#):	5 transactions
   Cash Advance (Teller-Assisted) ($):	Lesser of $5,000.00 or Available Balance
   Cash Advance (Teller-Assisted) (#):	2 transactions
   Signature-Based Transaction Limit ($):	$3,000.00
   Signature-Based Transaction Limit (#):	20 transactions
   PIN-Based Transaction Limit ($):	$3,000.00
   PIN-Based Transaction Limit (#):	20 transactions

   You may not use your card for any illegal transaction, including, but not limited to internet gambling. We reserve the right to refuse authorization approval for prohibited transactions.

10. Electronic Fund Transfer Services and MasterCard® Zero Liability Policy

    Sallie Mae may provide you with electronic funds transfer or EFT services, including direct deposits into your Account, preauthorized transfers from your Account and telephone transfers. For these services, you authorize us to charge and deduct from your Account any and all charges applicable to the EFT service(s) we provided to you. Applicable fees are disclosed in the "Fees and Charges" section of this agreement. In addition, the rules set forth in the "Withdrawals/Transfers" section above under "Insufficient Funds" are applicable to any EFT service we may offer and the "Truth-in-Savings" section applicable to your Account(s) sets forth transaction limitations. We reserve the right to restrict your access to any EFT service(s) based on a review of your debit history or how you use your Account. The EFT services we may offer are described below.

    Transfers Online. You may transfer funds to and from your Account online at SallieMae.com/Banking.

    Preauthorized Payments. Subject to the limitations disclosed in this Agreement, you may arrange to have preauthorized payments made from your Account.

    Other EFTs. You may perform other transactions as we expand the type of available EFTs in the future.

    For security reasons, we may place limitations on the number and dollar amounts of EFTs that you may perform.

11. Stopping Preauthorized Payments

    Right and Procedure to Stop Preauthorized Payments. To stop payment on a single payment in a series of recurring preauthorized payments, or to discontinue a recurring preauthorized payment entirely, you should contact the merchant, allowing adequate time for that party to cancel the payment and for us to implement the cancellation request (which typically may take up to several days). We are not responsible for any failure by a merchant to stop a payment or for your failure to notify the merchant in time to stop any given payment. In addition, if you have instructed Sallie Mae to make regular payments from your Account, you can stop these payments by calling us at 877-346-2756 (877-3GO-2SLM) or by writing to us at P.O. Box 30531, Tampa, FL 33630-3531. We must receive your request at least three (3) business days before the payment is scheduled to be made. Your stop payment request must include the exact dollar amount of the payment. In addition, if you call, we may require that you put your request in writing and get it to us within fourteen (14) calendar days after you call. You agree to indemnify and hold us harmless from any and all liability of any kind which may arise by reason of us acting in compliance with your directive to stop a payment from your Account.

    Refusal to Pay a Preauthorized Transfer. If, because your Account has insufficient funds to cover a transfer, Sallie Mae refuses to make a preauthorized transfer, we will mail or deliver to you, on or before the next business day, notice of our refusal to pay the transfer.

    Notice of Varying Amounts. If regular preauthorized payments vary in amount, the institution or person that you are going to pay is required to inform you ten (10) calendar days before each payment, when the payment will be made and the amount of the payment. Applicable rules allow you to elect to receive such notice only when the payment would differ by more than a certain amount from the previous payment, or when the amount would fall outside certain limits set by you.

    Preauthorized Credits (Direct Deposits). If you have arranged to have direct deposits made to your Account at least once every sixty (60) calendar days from the same institution or person, the institution or person making the deposit will tell you most every time they send us the money. You may also call us at 877-346-2756 (877-3GO-2SLM) or check your Account online at SallieMae.com/Banking to find out whether or not the deposit has been made.

12. Telephone Transfers

    You may make transfers via the customer service call center at 877-346-2756 (877-3GO-2SLM).

13. Your Liability for Unauthorized Transactions, Reporting and Disputing Errors and MasterCard® Zero Liability Policy

    Your Liability for Unauthorized Transactions. Tell us AT ONCE if you believe your Card or PIN have been lost or stolen, or if you believe that an electronic fund transfer has been made without your permission using information from your Card. To report unauthorized transfers, or if you believe your Card or PIN have been lost or stolen, call us immediately at. 877-346-2756 (877-3GO-2SLM).Telephoning is the best way of keeping your possible losses down. You could lose all the money in your Account. If you tell us within two (2) business days after you learn of the loss or theft of your Card or PIN, you can lose no more than $50 if someone used your Card without your permission.

    If you do NOT tell us within two (2) business days after you learn of the loss or theft of your Card or PIN, and we can prove we could have stopped someone from using your Card or PIN without your permission if you had told us, you could lose as much as $500.

    Also, if your statement shows transfers that you did not make, including those made by card, code or other means, tell us at once. If you do not tell us within sixty (60) days after the statement was made available to you, you may not get back any money you lost after the sixty (60) days if we can prove that we could have stopped someone from taking the money if you had told us in time. If a good reason (such as a long trip or a hospital stay) kept you from telling us, we will extend the time periods.

    Contact in the Event of Unauthorized Transfer. If you believe your Card or PIN has been lost or stolen, call: 877-346-2756 (877-3GO-2SLM). or write: Sallie Mae Bank, c/o Bankcard Services, P.O. Box 7237, Sioux Falls, SD 57117-7237.

    You should also call the number or write to the address listed above if you believe a transfer has been made using the information from your Account without your permission.

    Error Resolution Notice. In case of errors or questions about your electronic transfers telephone us at 877-346-2756 (877-3GO-2SLM).or write us at Sallie Mae Bank, c/o Bankcard Services, Attn: Prepaid Disputes, P.O. Box 7237, Sioux Falls, SD 57117-7237, as soon as you can, if you think your statement or receipt is wrong or if you need more information about a transfer listed on the statement or receipt. We must hear from you no later than 60 days after we sent the FIRST statement on which the problem or error appeared. When contacting us for such purposes, we ask that you:

    • Tell us your name and Account number (if any);
      
      
    • Describe the error or the transfer you are unsure about, and explain as clearly as you can why you believe it is an error or why you need more information; and
      
      
    • Tell us the dollar amount of the suspected error.
      
      

    If you tell us orally, we also require that you send us your complaint or question in writing within ten (10) business days.

    We will determine whether an error occurred within ten (10) business days after we hear from you and will correct any error promptly. If we need more time, however, we may take up to forty-five (45) days to investigate your complaint or question. If we decide to do this, we will credit your Account within ten (10) business days for the amount you think is in error, so that you will have the use of the money during the time it takes us to complete our investigation. If we do not receive your complaint or question in writing within ten (10) business days, we may not credit your Account.

    For errors involving new Accounts (an Account is considered to be a new Account for the first 30 days after opening or funds are deposited into the Account, whichever occurs later), point-of-sale, or foreign-initiated transactions, we may take up to ninety (90) days to investigate your complaint or question. For new Accounts, we may take up to twenty (20) business days to credit your Account for the amount you think is in error.

    We will tell you the results within three (3) business days after completing our investigation. If we decide that there was no error, we will send you a written explanation. You may ask for copies of the documents that we used in our investigation.

    Additional Limit on Liability for Sallie Mae Debit MasterCard®. In addition to the protections described above, as a MasterCard® cardholder, you will not be liable in the event of an unauthorized use of your Card. This coverage extends to purchases made in a store, over the telephone, by mail, or online. This additional limit on liability coverage is provided under the following conditions:

    1. Your Account is in good standing;
       
       
    2. You have exercised reasonable care in safeguarding your Card; and
       
       
    3. You have not reported two or more unauthorized events in the past 12 months.
       
       

    Unless you have been grossly negligent or have engaged in fraud, you will not be liable for any unauthorized transactions using your lost or stolen Card. This additional limit on liability does not apply to ATM transactions or to other transactions where your PIN is used as the cardholder verification method for the unauthorized transaction.

14. Our Liability for Failure to Complete Transactions

    If we do not complete a transfer to or from your Card or Account on time or in the correct amount according to our Agreement with you, we will be liable for your losses or damages. However, there are some exceptions. We will not be liable, for instance:
    
    

    1. If, through no fault of ours, you do not have enough funds available in your Account to complete the transaction, including if there is a hold on your funds;
       
       
    2. If a Merchant refuses to accept your Card;
       
       
    3. If the automated teller machine where you are making a cash withdrawal does not have enough cash;
       
       
    4. If a terminal where you are making a transaction was not working properly, and you knew about the problem before you started
       the transaction;
       
       
    5. If access to your Card has been blocked after you reported your Card lost or stolen;
       
       
    6. If there is a hold or your funds are subject to legal process, other encumbrance restricting their use, other legal restrictions, or right of set-off;
       
       
    7. If we have reason to believe the requested transaction is unauthorized, including for fraud and related concerns;
       
       
    8. If circumstances beyond our control (such as fire, flood or computer or communication failure) prevent the completion of the transaction, despite reasonable precautions that we have taken; or
       
       
    9. For any other exception stated in our Agreement with you.
       
       

15. Disclosure of Account Information to Third Parties

    In order that your privacy may be protected, we will only disclose information to third parties about your Account or the transfers you make:
    
    

    1. Where it is necessary for completing transfers;
       
       
    2. In order to verify the condition and existence of your Account for a third party, such as a credit bureau or merchant;
       
       
    3. In order to comply with government agency or court orders;
       
       
    4. To our employees, auditors, service providers, attorneys or collection agents in the course of their duties;
       
       
    5. As disclosed in Sallie Mae's Privacy Notice; or
       
       
    6. If you give us your permission.
       
       

16. Termination

    We reserve the right to terminate your use of our EFT services for any reason and at any time without notifying you. You also have the right to terminate your use of the EFT services described in this Agreement at any time online at SallieMae.com/Banking or by calling us at 877-346-2756 (877-3GO-2SLM) at any time during our normal business hours, or writing to us at P.O. Box 30531, Tampa, FL 33630-3531.

    If you call, we may require you to put your request in writing and get it to us within fourteen (14) calendar days after you call. If you terminate your use of our EFT services and you have arranged for preauthorized transfers involving third parties, you are required to inform any third parties that the transfers will cease. Any termination of your use of our EFT services, whether initiated by you or us, will not affect any of your or our rights and obligations under this Agreement that have arisen before the effective date of such termination.

Because of our automated processing of large volumes of checks, we may not inspect or look for special instructions or "restrictive endorsements" on every check. For this reason, we are not able to honor any special instructions or be bound by a restrictive endorsement placed on checks. Further, we are not responsible for any losses, claims, damages or expenses that result from your expectation that we will honor these restrictions.

If your account offers check-writing capability, you may authorize a merchant or other payee to make a one-time electronic payment from your money market account using information from your check to:

• Pay for purchases
  
  
• Pay bills

When you provide a check as a deposit, you authorize us either to use information from your check to make a one-time electronic fund transfer from your account or to process the deposit as a check transaction.

1. Consumer Debit Bureau Review

   As part of the account opening and enrollment process, we may review your banking history (including, without limitation, information regarding your credit scores, credit worthiness, or debit history) from one or more consumer reporting agencies for purposes of reviewing your Account and providing the Bill Payment Service and other Account features. Opening a Sallie Mae No Fee Student Checking account will not be reported to any credit bureau that provides credit reports or credit scores for lending or insurance purposes and will not impact your credit history or credit scores that lenders and insurers may use in determining whether to grant you credit or insurance.

2. Forgeries or unauthorized signatures

   If we honor a debit request drawn on your Account that contains a forged or unauthorized signature or is altered in any way, you must notify us within 30 days of the date on which the forged, unauthorized or altered item appears on your Account statement. In the case of continuing forgeries, unauthorized signatures or alterations by the same person, you agree to notify us within 30 days of the date on which the first forged, unauthorized or altered item was provided to you. Or, if your items are not provided to you with your Account statement, then you must notify us within 30 days of the date on which we provided to you or otherwise made available to you the Account statement that contained a description of the forged, unauthorized or altered item.

   If you do not report a forged, unauthorized or altered item within the time frames listed above, this will be deemed conclusive proof that you failed to exercise reasonable care and promptness in examining the statements of the affected account and in notifying us after discovery of the forgery, unauthorized signature or alteration. Therefore, you agree that such items shall be fully enforceable against you and you shall have no claim against us for payment of these items. Regardless of any of the above or any action or inaction on our part, if you fail to notify us of a forgery, unauthorized signature or alteration within 90 days of the date the item (or a description of the item) or Account statement was made available to you, you agree that you are absolutely barred from bringing any action against us that is related in any way to the forgery, unauthorized signature or alteration or to any additional forgeries, unauthorized signatures or altered items by the same person.

3. Additional information about electronic check conversion

   When we use information from your check to make an electronic fund transfer, funds may be withdrawn from your account as soon as the same day we receive your deposit, and you may not receive your check back from us.

4. Stopping Payment on a Check

   If you have an Account which offers check-writing capability and you need to stop the payment of a check you have written for your Account, we must receive it in time to give us a reasonable opportunity to act on it before we process the check for payment. You may use any of the following methods to provide a stop payment order:

   Go online to your Account at SallieMae.com/Banking
   Call us at: 877-346-2756 (877-3GO-2SLM); or
   Write to us at P.O. Box 30531, Tampa, FL 33630-353

   All stop payment orders must identify the account number and check number to be effective. Only the person who initiated the stop payment order may release a stop payment request. The stop payment order will be effective within one business day of the day on which we receive and process the request. We will not process your request if you do not have sufficient funds in your Account to pay the fee associated with your stop payment request. You agree to indemnify and hold us harmless from any and all liability of any kind which may arise by reason of us acting in compliance with your directive to stop a payment on any check. You will be charged the fees set forth in Sections 7c, 7d, 8m.

e-deposit (also known as remote check deposit) is a free service allowing customers to electronically deposit checks via iPhone® or AndroidTM smartphone or home scanner. e-deposit is available to all Sallie Mae account types with the exception of certificates of deposit. All checks deposited via e-deposit may be subject to further review. If your e-deposit is not accepted, we will notify you via email. For all e-deposits, Sallie Mae advises you to store the checks you submit for e-deposit until you see the deposit post as 'available' to your account. Once 'available' in your account, please destroy your check or mark it as 'void'.

e-deposit via smartphone is offered as part of Sallie Mae Mobile Banking apps for iPhone® and AndroidTM. To access e-deposit via iPhone® or AndoidTM enrollment in Sallie Mae mobile banking is required. Sallie Mae Mobile Banking is a free service. The mobile banking terms and conditions can be found here.

If you elect to make a deposit via home scanner you will need to install software prior to being able to utilize the e-deposit tool. Once you click the 'e-deposit' icon on your account maintenance page an e-deposit enrollment page will pop up. Click the 'Download' button and the software will install the features necessary for running Sallie Mae e-deposit on your computer.

Standard hold times for check deposits made via e-deposit. Checks deposited after 3:00PM will not be processed until next business day. Sallie Mae accepts valid checks drawn on United States banks that are made payable to you. Please note we do not accept:

• Checks containing obvious alteration to any of the fields on the front of the check or item
  
  
• Checks previously converted to a substitute check
  
  
• Checks that are remotely created
  
  
• Checks not payable in United States currency
  
  
• Traveler's checks or money orders
  
  
• Checks dated more than six months prior to the date of deposit
  
  
• Checks prohibited by Sallie Mae's current procedures relating to Sallie Mae Mobile Banking or which are otherwise not acceptable under the terms of your account(s) including money orders, third party checks, foreign checks and starter checks. This also includes checks which you know or suspect are fraudulent or otherwise not authorized by the owner of the account on which the check is drawn.
  
  

Sallie Mae e-deposit Limits

Deposits via e-deposit are limited to the following maximums:

Protecting Your Privacy

The privacy and security of your information is important to us. As noted above, Sallie Mae's Privacy Notice is available on our website at the following location: http://www.salliemae.com/about/privacy_practices.htm.

Statements in electronic format will be made available at no charge. You may view your statement by accessing your Account at SallieMae.com/Banking. You may choose to have a paper statement mailed to you. However, there may be a fee for this as set forth in the "Fees and Charges" section above.

You can close your Account at any time, for any reason. We can close your Account at any time, for any reason and without advance notice. In addition, as mentioned in the "Funds Availability" section above, funds in an Account being closed may be subject to a brief temporary hold in order to allow outstanding transactions to clear and for any necessary processing procedures to be performed. If your Account is closed, be sure you cancel any preauthorized payments as set forth in the "Electronic Funds Transfer Services" section above under "Stopping Preauthorized Payments."

State laws require us to close all your deposit accounts and transfer your money to the state if your accounts are dormant for a certain period of time. If your account becomes dormant, we may try to locate you at the address and telephone number shown in our records. After a specified period of time, if we are still not able to locate you, we will be required to surrender the funds in the account to the state, in accordance with state law, as unclaimed property. If this occurs, you may be able to reclaim them, but you may be required to apply to the state for return of your funds. To the extent permitted by law, we may charge you a reasonable service charge for processing unclaimed property. Once your funds are surrendered, we no longer have any liability or responsibility with respect to the funds.

No part of an Account may be pledged, assigned, given as a gift, or otherwise transferred to a third party without our prior written consent.

Prior to initiating a lawsuit or arbitration regarding a legal dispute or claim relating in any way to this Agreement or your Account (a "Claim"), the party asserting the Claim (the "Claimant") shall give the other party written notice of the Claim (a "Claim Notice") and a reasonable opportunity, not less than thirty (30) days, to resolve the Claim. Any Claim Notice to you will be sent in writing by mail to the address you have provided us (or any updated address you have subsequently provided to us). Any Claim Notice to us shall be sent by mail to the following address: Sallie Mae Bank, Attention Chief Compliance Officer, 175 S West Temple, Ste 600, Salt Lake City, UT 84101. Any Claim Notice you send must give your Account number(s), address and telephone number. Any Claim Notice must explain the nature of the Claim and the relief that is demanded. The Claimant must reasonably cooperate in providing any information about the Claim that the other party reasonably requests.

TO THE EXTENT PERMITTED BY LAW, YOU AND WE WAIVE ANY RIGHT TO TRIAL BY JURY IN THE EVENT OF LITIGATION ARISING OUT OF OR RELATED TO THESE RULES OR YOUR ACCOUNT. THIS JURY TRIAL WAIVER SHALL NOT AFFECT THE JURY TRIAL WAIVER IN THE ARBITRATION PROVISION (IF YOU DO NOT REJECT IT).

We have the right to report information about your Account to any consumer reporting agency. If you believe that any information that we have furnished to a consumer reporting agency in connection with your Account is inaccurate, or if you believe that you have been the victim of identity theft in connection with your Account, write to us at the following address: P.O. Box 30531, Tampa, FL 33630-3531. In your letter be sure to include:

1. Your name, address and Account number(s);
   
   
2. A description of the specific information that is being disputed;
   
   
3. An explanation of the basis for the dispute;
   
   
4. A copy of any supporting documentation you have that substantiates the basis of the dispute; and
   
   
5. If you believe that you have been the victim of identity theft, submit an identity theft affidavit and an identity theft report (e.g., police report, postmaster general report, etc.).
   
   

Claims of Third Parties and Legal Action Taken Against Your Account

Except as otherwise provided herein, we are not required to recognize any claim to your Account, or any claim of authority to exercise control over your Account, made by a person or persons other than you or an individual you have authorized to access the Account pursuant to a written agreement, in a form and content acceptable to us, on file with us. If an attachment, garnishment, levy, order, decree or other state or federal legal process ("Legal Process") is brought against your Account, we may refuse to permit or we may limit withdrawals or transfers from your Account until the Legal Process is satisfied or dismissed. If we receive any document that appears or is purported to be Legal Process issued out of any court or governmental agency, you hereby authorize us to accept and comply with it, no matter how it was received by us. You hereby direct us not to contest on your behalf any such document or Legal Process and to comply with such process as we determine to be appropriate in the circumstances without liability of us to you, even if the Legal Process or document purports to affect the interest of only one owner of a multiple party account and even if any funds we may be required to pay out leave insufficient funds to pay a check you have written or any other withdrawal or debit you have authorized or initiated. If we incur any damages, losses, costs or expenses, including, without limitation, reasonable attorneys' fees, in connection with any such document or Legal Process, you are liable to us in such amount and we may (i) charge any expenses and fees to your Account or any other account you may have with us without prior notice to you, (ii) bill you directly for such expenses and fees or (iii) to the extent permitted by law, deduct such expenses and fees from the amount levied. Any garnishment, attachment or other levy against your Account is subject to our right of setoff.

If you deposit any "remotely created check," as defined in Federal Reserve Regulation CC, 12 C.F.R. § 229.2(fff), as amended from time to time, then you represent and warrant to us that the holder of the account upon which it is drawn authorized the issuance of the check for the amount and to the payee shown on the check. If anyone claims otherwise, you agree that we may immediately charge the amount of such check, plus any claimed interest, costs and damages, against your Account. If there are insufficient funds in your Account to cover the amount of that charge, we will treat the deficiency as an overdraft. You agree to indemnify us against, and hold us harmless from, any and all damages, losses, costs and expenses we incur in connection with any claim that a remotely created check was not properly created or deposited in your Account, including consequential and punitive damages, and our own reasonable attorneys' fees and costs in investigating and responding to any claims, whether or not litigation results.

Unless we have acted in bad faith or are otherwise prohibited by applicable law, we will not be liable to you for performing or failing to perform services under or in connection with this Agreement. Without limiting the foregoing, we will not be liable for delays or mistakes that happen due to reasons beyond our control, including, without limitation, acts of civil, military or banking authorities, national emergencies, insurrection, war, riots, acts of terrorism, failure of transportation, communication or water supply, or malfunction of or unavoidable difficulties with our equipment. If a court finds that we are liable to you for what we did or did not do under or in connection with this Agreement, you may recover from us only your actual damages, in an amount not to exceed the total interest paid by us to you under and in connection with this agreement during the six-month period immediately preceding the event giving rise to our liability. You agree that the dollar limitation described in the preceding sentence is reasonable, to the extent permitted by applicable law. In no event will we be liable for consequential damages (including lost profits), extraordinary damages, or special or punitive damages.

If we receive a claim against funds in your Account, or if we know of or believe that there is a dispute over the ownership or control of funds in your Account, we may place a hold on your Account. We can also refuse to pay out any of your funds until we are satisfied that the dispute is settled. In addition, we may close the Account and send the balance to the accountholder(s) we have on record; decide to rely on our current account records; require a court order to act; or take any other action that we feel will protect us. We will not be liable to you for taking any such action.

Sallie Mae assumes no fiduciary obligation on your behalf. This means that we do not act as your trustee or financial advisor, and we do not assume any responsibility for your Account beyond reasonable care.

This Agreement (excluding the Arbitration Agreement) will be governed by the law of the State of Utah except to the extent governed by federal law. Your Account is also subject to applicable operating circulars and customs of any clearinghouse or other association involved in transactions.

We do not waive our rights by delaying or failing to exercise them at anytime.

1. For Sallie Mae Student Checking Accounts: Sallie Mae waives all rights to set off with respect to any Checking Account that is opened by you while you are a student at any college, university, vocational school, or other postsecondary educational institution (a "Sallie Mae Student Checking Account").
   
   
2. For all other Accounts: By opening an Account (other than a Sallie Mae Student Checking Account) with Sallie Mae, you agree that we have the right to set off with respect to your Account(s). If you owe Sallie Mae or any of its affiliates' money and that money is due, you agree that we may withhold or withdraw from your Account any amounts you owe to us or any of our affiliates unless prohibited by applicable law. We may exercise our rights of set-off without recourse to other collateral, if any, and even if our action causes you to lose interest, incur an early withdrawal penalty or any other consequence. If we exercise our right of set-off, we will notify you to the extent required by applicable law. Except to the extent prohibited by applicable law, we may set off all of the funds in a multiple party account to pay money owed to us by any owner of the multiple party account, irrespective of who contributed funds to the multiple party account. Our failure to demand payment does not waive our rights hereunder. See also the "Withdrawals/Transfers" section above regarding "Insufficient Funds."
   
   

If any provision of this Agreement shall be determined to be invalid or unenforceable under any rule, law, or regulation of any governmental agency (local, state, or federal), the validity or enforceability of any other provision of this Agreement shall not be affected.

You agree that your telephone calls with us may be monitored and recorded for quality assurance and security purposes.

If you die or are declared legally incompetent, we can continue to accept and process deposits to your Account until we have actual notice of the death/incompetency and have a reasonable chance to act. Upon notification, we will freeze individual accounts (disallowing any withdrawals or transfers); multiple party accounts may remain unfrozen for up to thirty (30) days after we have been notified of the death of an accountholder. By law, certain documents must be presented to us before funds in such an Account can be paid out and the Account closed. These documents may include: a certified copy of the death certificate; letters testamentary or letters of administration; decrees of probate court; and documents evidencing that estate taxes are paid or not owed; if applicable. Additional documents may be required depending on the ownership of the Account.

Any individual acting as attorney-in-fact, agent, guardian, personal representative, trustee, custodian or fiduciary (collectively, an "agent") must be designated as such on our records; otherwise, we will not honor the account instructions of that individual regarding your Account. By requesting that an individual be designated as your agent on our records, you authorize us to honor account instructions of your agent regarding your Account until we receive actual notice that the agency or fiduciary relationship has been terminated or actual notice of death or incompetency. No such notice is effective until we have had a reasonable opportunity to act on it. We will not be liable to you in any way if your agent misapplies any of the funds from your Account. We have the right to review and retain a copy of any power of attorney, agency agreement, trust agreement, court order or other document that has established the agency or other fiduciary relationship.

Sallie Mae may amend or cancel this Agreement at any time in accordance with applicable law. Amendments to this Agreement will be communicated to you in a manner consistent with applicable law. Also, this Agreement, as amended will be made available on our website.

You agree that either party may elect to arbitrate – and require the other party to arbitrate – any Claim under the following terms and conditions.

1. RIGHT TO REJECT: You may reject this Arbitration Agreement by mailing a signed rejection notice to Sallie Mae Bank, Attention Chief Compliance Officer, 175 S West Temple, Ste 600, Salt Lake City, UT 84101 within 60 days after the date of your first deposit. Any Rejection Notice must include your name, address, telephone number and Account number.
   
   
2. IMPORTANT WAIVERS: If you or we elect to arbitrate a Claim, you and we both waive the right to: (1) have a court or a jury decide the Claim; (2) PARTICIPATE IN A CLASS ACTION IN COURT OR IN ARBITRATION, WHETHER AS A CLASS REPRESENTATIVE, CLASS MEMBER OR OTHERWISE; (3) ACT AS A PRIVATE ATTORNEY GENERAL IN COURT OR IN ARBITRATION; OR (4) JOIN OR CONSOLIDATE CLAIM(S) WITH CLAIMS INVOLVING ANY OTHER PERSON IN COURT OR IN ARBITRATION. Other rights are more limited in arbitration than in court or are not available in arbitration. The waivers in subsections (2)-(4) above are called the "Class Action and Multi-Party Waivers." The arbitrator shall have no authority to conduct any arbitration inconsistent with the Class Action and Multi-Party Waivers.
   
   
3. DEFINITIONS: In this Arbitration Agreement, the following definitions will apply(as well as the definition of "Claim" in section D below):

   "You" and "your" refer to the person or persons to whom the Account is titled and who are authorized users on the Account as provided for in this Agreement.

   "We," "us," and "our" mean Sallie Mae Bank, our predecessors, successors, affiliates or assignees, and all officers, directors, employees, agents and representatives thereof. These terms also include any party named as a co-defendant with us in a Claim asserted by you, such as investors or potential investors, credit bureaus, credit insurance companies, closing agents, escrow agents, insurance agents, loan originators, rating agencies, loan servicers, debt collectors, loan guarantors, performance bond trustees, tuition recovery funds, the School, and any of the School's financial aid offices or officers.

   "Claimant" means the party who first asserts a Claim in a lawsuit or arbitration proceeding.

   "Administrator" means either the American Arbitration Association (the "AAA"), 335 Madison Avenue, New York, NY 10017, www.adr.org, or JAMS, 620 Eighth Avenue, 34th Floor, New York, NY 10018, http://www.jamsadr.com/, or any other company selected by mutual agreement of the parties. If both AAA and JAMS cannot or will not serve and the parties are unable to select an Administrator by mutual consent, the Administrator will be selected by a court. You get to select the Administrator if you give us written notice of your selection with your notice that you are electing to arbitrate any Claim or within 20 days after we give you notice that we are electing to arbitrate any Claim (or, if you dispute our right to require arbitration of the Claim, within 20 days after that dispute is finally resolved). If you do not select the Administrator on time, we may do it. Notwithstanding any language in this Arbitration Agreement to the contrary, no arbitration may be administered, without the consent of all parties to the arbitration, by any Administrator that has in place a formal or informal policy that is inconsistent with the Class Action and Multi-Party Waivers.

4. "CLAIM" means any legal claim, dispute or controversy between you and us that arises from or relates in any way to the Account, including any dispute arising before the date of this Arbitration Agreement and any dispute relating to: (1) the imposition or collection of principal, interest, attorneys' fees, collection costs or other fees or charges relating to the Account; (2) other provisions of this Terms and Conditions Agreement; (3) any application, enrollment, disclosure or other document relating in any way to this Account or the transactions evidenced by this Account; (4) any insurance or other service or product offered or made available by or through us in connection with this Account, and any associated fees or charges; (5) our methods of soliciting your business; and (6) any documents, instruments, advertising or promotional materials that contain information about this Account or any associated insurance or other service or product. This includes, without limitation, disputes concerning the validity, enforceability, arbitrability or scope of this Arbitration Agreement or the Account; disputes involving alleged fraud or misrepresentation, breach of contract or fiduciary duty, negligence or other torts, or violation of statute, regulation or common law. It includes disputes involving requests for injunctions, other equitable relief or declaratory relief. However, "Claim" does not include any individual action brought by you in small claims court or your state's equivalent court, unless such action is transferred, removed, or appealed to a different court. Also, "Claim" does not include any challenge to the validity and effect of the Class Action and Multi-Party Waivers, which must be decided by a court.
   
   
5. STARTING AN ARBITRATION: To initiate an arbitration, we or you must give written notice of an election to arbitrate. This notice may be given after a lawsuit has been filed and may be given in papers or motions in the lawsuit. If such a notice is given, the Claim shall be resolved by arbitration under this Arbitration Agreement and the applicable rules of the Administrator then in effect. The arbitrator will be selected under the Administrator's rules, except that the arbitrator must be a lawyer with at least ten years of experience or a retired judge, unless we and you agree otherwise.
   
   
6. LOCATION AND COSTS: Any arbitration hearing that you attend will take place in a location that is reasonably convenient to you. We will consider (and generally honor) any good faith request to bear the fees charged by the Administrator and the arbitrator. Each party must normally pay the expense of that party's attorneys, experts and witnesses, regardless of which party prevails in the arbitration. Despite the foregoing, we will pay all such fees if you prevail in an arbitration where you are the Claimant (even if we are not required to pay such fees under applicable law) and will pay all such fees we are required to bear: (a) under applicable law; or (b) in order to enforce this Arbitration Agreement.
   
   
7. DISCOVERY; GETTING INFORMATION: Either party may obtain from the other party prior to the hearing any information available under the Administrator's rules or any relevant information the arbitrator determines should in fairness be made available.
   
   
8. EFFECT OF ARBITRATION AWARD: Any state or federal court with jurisdiction and venue may enter an order enforcing this Arbitration Agreement, enter judgment upon the arbitrator's award and/or take any action authorized under the Federal Arbitration Act, 9 U.S.C. §§1 et seq. (the "FAA"). For any arbitration-related proceedings in which courts are authorized to take actions under the FAA, each party hereto expressly consents to the non-exclusive jurisdiction and venue of any state court of general jurisdiction or any state court of equity that is reasonably convenient to me, provided that the parties to any such judicial proceeding shall have the right to initiate such proceeding in federal court or remove the proceeding to federal court if authorized to do so by applicable federal law. The arbitrator's award will be final and binding, except for: (1) any appeal right under the FAA; and (2) Claims involving more than $50,000. For Claims involving more than $50,000 (including claims where the cost of any requested injunctive or declaratory relief would potentially exceed $50,000), any party may appeal the award to a three-arbitrator panel appointed by the Administrator, which will reconsider de novo any aspect of the initial award that is appealed. The panel's decision will be final and binding, except for any appeal right under the FAA. Except as provided in Paragraph F above, the appealing party will pay the Administrator's and arbitrator's costs of the appeal.
   
   
9. GOVERNING LAW: This Arbitration Agreement is made pursuant to a transaction involving interstate commerce and shall be governed by the FAA, and not by any state law concerning arbitration. The arbitrator shall follow applicable substantive law to the extent consistent with the FAA, applicable statutes of limitation and applicable privilege rules, and shall be authorized to award all remedies permitted by applicable substantive law, including, without limitation, compensatory, statutory and punitive damages (subject to constitutional limits that would apply in court), declaratory, injunctive and other equitable relief, and attorneys' fees and costs. Upon the timely request of either party, the arbitrator shall write a brief explanation of the basis of his or her award. The arbitrator will follow rules of procedure and evidence consistent with the FAA, this Arbitration Agreement and the Administrator's rules.
   
   
10. SURVIVAL, SEVERABILITY, PRIMACY: This Arbitration Agreement shall survive termination or dormancy of your Account. If any portion of this Arbitration Agreement cannot be enforced, the rest of the Arbitration Agreement will continue to apply, provided that the entire Arbitration Agreement (other than this sentence) shall be null and void with respect to any Claim asserted on a class, representative or multi-party basis if the Class Action and Multi-Party Waivers are held to be invalid, subject to any right to appeal such holding. In the event of any conflict or inconsistency between this Arbitration Agreement and the Administrator's rules or the Terms and Conditions Agreement governing the Account, this Arbitration Agreement will govern.
    
    
11. NOTICE OF CLAIM; RIGHT TO RESOLVE; SPECIAL PAYMENT: Prior to initiating, joining or participating in any judicial or arbitration proceeding, whether individually, as a class representative or participant or otherwise, regarding any Claim, the Claimant shall give the other party written notice of the Claim (a "Claim Notice") and a reasonable opportunity, not less than 30 days, to resolve the Claim. Any Claim Notice you send must include your name, address, telephone number and loan or account number. Any Claim Notice must explain the nature of the Claim and the relief that is demanded. You may only submit a Claim Notice on your own behalf and not on behalf of any other party. The Claimant must reasonably cooperate in providing any information about the Claim that the other party reasonably requests. If: (i) you submit a Claim Notice in accordance with this paragraph on your own behalf (and not on behalf of any other party); (ii) we refuse to provide the relief you request; and (iii) an arbitrator subsequently determines that you were entitled to such relief (or greater relief), the arbitrator shall award you at least $5,100 (not including any arbitration fees and attorneys' fees and costs to which you may be entitled under this Arbitration Agreement or applicable law).
    
    
12. AMENDMENT; TERMINATION: Notwithstanding any provision of the Terms and Conditions Agreement to the contrary, any amendments to or termination of this Arbitration Agreement do not apply to a Claim of which we have received written notice on or prior to the effective date of any such amendments or termination.

Sallie Mae Bank, Member FDIC. Sallie Mae and Sallie Mae Bank are registered service marks of Sallie Mae, Inc. In addition, Upromise is a registered service mark of Upromise, Inc. SLM Corporation and its subsidiaries including Sallie Mae, Inc. and Upromise, Inc. are not sponsored by or agencies of the United States of America. Copyright 2013 by Sallie Mae, Inc. All rights reserved. 02/2013