SLM Corporation
Medium Term Notes, Series B

ED NOTES 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. 540
(To Prospectus dated January 5, 2005 and
Prospectus Supplement dated January 5, 2005)		   Trade Date: 6/12/2006
 Issue Date: 6/15/2006		    

The date of this Pricing Supplement is 6/12/2006

 
    
    
    
    
  
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
78490FYQ6   N/A   09/15/2013   100%   1.250%   Monthly(4)   07/15/06   No   No       1,167,000   1,152,412.50   N

Floating Rate Index
 
Spread
 
Reset Period(4)
 
Accrual Method
 
Maximum
Interest Rate
 
Minimum
Interest Rate
 
 
*CPI   2.500%   Monthly   Actual/Actual
(Payment Basis)		   N/A   0.000%    




As of September 12, 2005 ABN AMRO Financial Services, Inc. changed its name to LaSalle Financial Services, Inc. Consequently, all references to "ABN AMRO Financial Services, Inc." in the prospectus are amended to read "LaSalle Financial Services, Inc.".

Effective June 30, 2005, Bear, Stearns & Co. Inc. was added as a selling agent under the SLM EdNotes program.

* During the initial interest period which is from the Issue Date to but not including 07/15/2006, the interest rate will be 5.86%, then the Consumer Price Index (CPI) plus 2.50% thereafter.

(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 Determination Date, which is on the 15th day of each month during the terms of the notes beginning on 07/15/2006, the Calculation Agent will establish the new rate as described on page S-16 in the prospectus supplements.