The Student Loan Corporation Agrees to Settle Shareholder Class Action Lawsuits

The Student Loan Corporation (the "Company") (NYSE: STU) today
announced that it and the other named defendants have entered into a
memorandum of understanding with plaintiffs' counsel in connection
with putative class action lawsuits filed in the Chancery Court for
the State of Delaware and the Superior Court of the State of
Connecticut in connection with (i) the Company's merger agreement with
Discover Financial Services ("Discover") and the merger contemplated
thereby (the "DFS Merger"); (ii) the Company's agreement with SLM
Corporation pursuant to which affiliates of SLM Corporation will
acquire from the Company certain securitized federal student loans and
related assets; and (iii) the Company's agreement with Citibank, N.A.
("Citibank"), pursuant to which Citibank will acquire from the Company
certain federal and private student loans and other assets .