The Student Loan Corporation (SLC), a subsidiary of Citibank, N.A., announced it is restructuring various functional areas to prudently manage the business through continued unprecedented market conditions. A total of 91 positions will be affected, including 69 positions at SLC and 22 positions at Citibank (South Dakota), N.A. that directly support SLC. The restructuring will impact most of the company’s functional areas and the majority of positions will be discontinued in December 2008. This action is necessary to reduce expenses and drive efficiencies amid higher funding costs resulting from continued disruption in the capital markets.

SLC remains focused on generating shareholder value while doing what it does best – continuing to provide comprehensive and affordable means to access education. With over $40 billion in managed student loan assets, SLC will continue to provide schools and borrowers with the exceptional customer service they have come to expect from the company over its 50 year history.

To support employees whose positions are affected, SLC will leverage Citi’s platform of support services, including human resources counseling, outplacement services and severance and other benefits based on position, length of service and other qualifying considerations. Affected staff also will be encouraged to explore other opportunities at SLC and Citi, where available.

About Citi

Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Citi’s major brand names include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Nikko. Additional information may be found at www.citigroup.com or www.citi.com.

The Student Loan Corporation (NYSE: STU) is one of the nation's leading originators and holders of insured student loans providing a full range of education financing products and services to meet the needs of students, parents, schools and lenders. The company was previously a division of Citibank and became a NYSE listed corporation in 1992. Citibank, N.A. is the majority shareholder. Citibank was one of the first banks to finance higher education, beginning in 1958. For information or inquiries regarding student loans, please call 1-800-STUDENT. Customers with Telecommunication Devices for the Deaf (TDD) may call 1-800-846-1298. College planning and financing information is also available at www.studentloan.com.

Media:
Citi, Public Affairs
Mark Rodgers, 212-559-1719
or
Investors:
The Student Loan Corporation, Investor Relations
Brad Svalberg, 203-975-6292