SLM Corporation
Medium Term Notes, Series B

GRAPHIC

With Maturities of 9 Months or More from Date of Issue

Registration No. 333-90316
Filed Pursuant to Rule 424(b)(3)
Pricing Supplement No. 121
(To Prospectus dated January 23, 2003 and
Prospectus Supplement dated January 23, 2003)
  Trade Date: 8/4/03
Issue Date: 8/7/03
   

The date of this Pricing Supplement is 8/4/03

 
   
   
   
   
    
Interest Payment

   
   
   
   
   
   
 
   
   
   
   
   
  Subject to Redemption
   
   
   
 
  Stated
Interest
Rate Per
Annum(1)

   
   
   
   
   
   
   
CUSIP
  Maturity
Date

  Price to
Public(2)(3)

  Discounts &
Commissions

  Frequency
  First
Payment

  Survivor's
Option

  Yes/No
  Date and
terms of
redemption

  Aggregate
Principal
Amount

  Net Proceeds
  OID Status
78490FFA2   5.750%   12/15/28   100%   2.500%   Semi   12/15/03   Yes   Yes   Callable at 100% on 6/15/2008 and continuously thereafter with 20 days notice.   705,000   687,375.00   N




Effective April 7, 2003 the name of Salomon Smith Barney Inc., an agent of the program, was changed to Citigroup Global Markets Inc.

(1)
The interest rates on the Ed Notes may be changed by SLM Corporation from time to time, but any such change will not affect the interest rate on any Ed Notes offered prior to the effective date of the change.

(2)
Expressed as a percentage of aggregate principal amount.

(3)
See "Supplemental Plan of Distribution" in the Prospectus supplement for additional information concerning price to public and underwriting compensation.