Pricing Supplement No. 34 dated June 8, 2004
(to Prospectus dated August 6, 2003
and Prospectus Supplement dated August 6, 2003)		   Filed under Rule 424(b)(3)
File No. 333-107132

SLM Corporation
Medium Term Notes, Series A
Due 9 Months or Longer From the Date of Issue


Principal Amount:
$516,000,000
 
Floating Rate Notes:
o
 
Fixed Rate Notes:
ý

Original Issue Date:
June 14, 2004
 
Closing Date: June 14, 2004
 
CUSIP Number:
78442F CP1

Maturity Date:
September 30, 2006
 
Option to Extend Maturity:
ý No
 
Specified Currency:
U.S. Dollars
      If Yes, Final Maturity Date: o Yes      
Redeemable at the option of the Company:   ý    No   Redemption Price: Not Applicable.
    o    Yes   Redemption Dates: Not Applicable.
Repayment at the option of the Holder:   ý    No   Repayment Price: Not Applicable.
    o    Yes   Repayment Dates: Not Applicable.
Applicable to Fixed Rate Notes Only:
Interest Rate: 3.50%   Interest Payment Dates:   Each March 30th and September 30th during the term of the Notes, beginning September 30, 2004, subject to adjustment in accordance with the following business day convention.
Interest Accrual Method: 30/360   Interest Periods:   From and including the Closing Date, or the previous March 30th or September 30th, as the case may be, to and including the next succeeding September 29th or March 29th, as the case may be, with no adjustment to period end dates for accrual purposes.

Banc of America Securities LLC
 
Credit Suisse First Boston

Joint Book-Running Managers

June 8, 2004

   

MTN 0079

Form: Book-entry.

Denominations:
$1,000 minimum and integral multiples of $1,000 in excess thereof.

Trustee:
JPMorgan Chase Bank, formerly known as The Chase Manhattan Bank.

Agents:
The following agents are acting as underwriters in connection with this issuance.

 
                                Agents
 
Principal Amount of Notes

 
        Banc of America Securities LLC
 
$258,000,000.00    
          Credit Suisse First Boston LLC     258,000,000.00    
                  Total   $516,000,000.00    

Issue Price:
99.923%.

Agents' Commission:
0.100%.

Net Proceeds:
$515,086,680.

Concession:
0.060%.

Reallowance:
0.040%.

CUSIP Number:
78442F CP1

ISIN Number:
US78442FCP18

Obligations of SLM Corporation and any subsidiary of SLM Corporation are not guaranteed by the full faith and credit of the United States of America. Neither SLM Corporation nor any subsidiary of SLM Corporation (other than Student Loan Marketing Association) is a government-sponsored enterprise or an instrumentality
of the United States of America.

   

MTN 0079