Pricing Supplement No. 40 dated July 20, 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:
$1,000,000,000
 
Floating Rate Notes:
ý
 
Fixed Rate Notes:
o

Original Issue Date:
July 26, 2004
 
Closing Date:    July 26, 2004
 
CUSIP Number:
78442F CU 0

Maturity Date:
July 25, 2008
 
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 Floating Rate Notes Only:        

Floating Rate Index:
 
 
 
 
 
  o CD Rate   Index Maturity:    Three Months.
  o Commercial Paper Rate        
  o CMT Rate   Spread:    Plus 21 basis points (0.21%).
  o Federal Funds Rate        
  ý LIBOR Telerate   Initial Interest Rate:    TBD.
  o LIBOR Reuters        
  o Prime Rate   Interest Rate Reset Period:    Quarterly.
  o 91-Day Treasury Bill Rate        
ABN AMRO Incorporated
BNP PARIBAS
Goldman, Sachs & Co.
Morgan Stanley		   Banc of America Securities LLC
Citigroup
Lehman Brothers
UBS Investment Bank		   Barclays Capital
Credit Suisse First Boston
Merrill Lynch & Co.
Wachovia Securities

July 20, 2004

MTN 0085


Reset Date(s):
Each January 25th, April 25th, July 25th and October 25th during the term of the Notes, subject to adjustment in accordance with the following business day convention, beginning October 25, 2004.
 
Interest Payment Date(s):
Each January 25th, April 25th, July 25th and October 25th during the term of the Notes, subject to adjustment in accordance with the following business day convention, beginning October 25, 2004.
Interest Determination Date(s): 2 London and New York Business Days prior to the related Reset Date (or Original Issue Date in the case of the first Interest Period).   Interest Period(s): From and including the previous Interest Payment Date (or Original Issue Date, in the case of the first Interest Period) to but excluding the current Interest Payment Date (or Maturity Date, in the case of the last Interest Period).
Lock-in Period Start Date: Not Applicable.   Accrual Method: Actual/360.
Maximum Interest Rate: Not Applicable.   Minimum Interest Rate: Not Applicable.
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
    Lehman Brothers Inc.   $ 199,000,000.00
    Citigroup Global Markets Inc.     175,000,000.00
    Merrill Lynch, Pierce, Fenner & Smith Incorporated     120,000,000.00
    Goldman, Sachs & Co.     105,000,000.00
    ABN AMRO Incorporated     100,000,000.00
    Morgan Stanley & Co. Incorporated     70,000,000.00
    Banc of America Securities LLC     65,000,000.00
    Barclays Capital Inc.     54,000,000.00
    Credit Suisse First Boston LLC     35,000,000.00
    UBS Securities LLC     35,000,000.00
    Wachovia Capital Markets, LLC     27,000,000.00
    BNP Paribas Securities Corp.     15,000,000.00
   
 
    Total   $ 1,000,000,000.00
Issue Price: 100%.    

Agents' Commission:
0.15%.
 
 

Net Proceeds:
$998,500,000.00.
 
 

Concession:
0.00%.
 
 

Reallowance:
0.00%.
 
 

CUSIP Number:
78442F CU 0.
 
 

ISIN Number:
US78442FCU03.
 
 

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 0085