SLM Corporation
Medium Term Notes, Series B

LOGO

With Maturities of 9 Months or More from Date of Issue

Registration No. 333-107132
Filed Pursuant to Rule 424(b)(3)
Pricing Supplement No. 405
(To Prospectus dated January 5, 2005 and
Prospectus Supplement dated January 5, 2005)
  Trade Date: 3/7/2005
Issue Date: 3/10/2005
   

The date of this Pricing Supplement is 3/7/2005

 
   
   
   
   
 
Interest Payment

   
 
Subject to Redemption

   
   
   
CUSIP
  Stated Interest Rate Per Annum(1)
  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
78490FSU4   N/A   6/15/2010   100%   0.750%   Quarterly(4)   06/15/05   No   No       4,920,000   4,883,100.00   N



Floating
Rate Index

  Spread
  Reset Period(4)
  Accrual Method
  Maximum
Interest Rate

  Minimum
Interest Rate

91 Day T-Bill   0.350%   Weekly   Actual/Actual (Payment Basis)   N/A   N/A





(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.

(4)
On the Interest Reset Date, which is the day after the 3 month T-Bill auction, the Calculation Agent will establish the new rate based on the BEY for the 3 month T-Bill auction published in H.15 (http://www.publicdebt.treas.gov/of/ofrespr.htm).
In the event that the results of the 91 day Treasury Bill auction ceases to be published or reported, or that no auction is held in a particular week, then the rate in effect as a result of the last such report will remain in effect until such time, as the results of auctions of 91 day Treasury Bills will again be published.