Pricing Supplement No. 4 dated July 11, 2006

Filed under Rule 424(b)(3)

(to Prospectus dated May 5, 2006

File No. 333-130584

and Prospectus Supplement dated May 5, 2006)

 

 

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

Principal Amount:

$2,000,000,000

Floating Rate Notes:

x

Fixed Rate Notes:

o

 

 

 

 

 

 

Original Issue Date:

July 18, 2006

Closing Date:

July 18, 2006

CUSIP Number:

78442F EC 8

 

 

 

 

 

 

Maturity Date:

July 26, 2010

Option to Extend Maturity:

 

If Yes, Final Maturity Date:

x   No

 

o   Yes

Specified Currency:

U.S. Dollars

 

Redeemable at the option of the Company:

x   No

Redemption Price:

Not Applicable.

 

o   Yes

Redemption Dates:

Not Applicable.

Repayment at the option of the Holder:

x   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 16 basis points (0.16%).

 

o   Federal Funds Rate

 

 

x   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

Banc of America Securities LLC

Barclays Capital

BNP PARIBAS

Citigroup

Credit Suisse

Goldman, Sachs & Co.

HSBC

Lehman Brothers

Merrill Lynch & Co.

Morgan Stanley

Wachovia Securities

 

 

 

 


 

July 11, 2006

CALCULATION OF REGISTRATION FEE

Title of Each Class of Securities Offered

 

Maximum Aggregate
Offering Price

 

Amount of
Registration Fee

Floating Rate (LIBOR-Telerate) Medium Term Notes

 

$2,000,000,000

 

$214,000.00

 




 

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, 2006.

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, 2006.

 

 

 

 

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, National Association, formerly known as JPMorgan Chase Bank and The Chase Manhattan Bank.

 

 

 

 

 

Agents:

 

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

 

 

 

 

 

 

Agents

 

Principal Amount of Notes

 

 

Wachovia Capital Markets, LLC

 

$    587,500,000.00

 

 

BNP Paribas Securities Corp.

 

     250,500,000.00

 

 

Goldman, Sachs & Co.

 

     161,000,000.00

 

 

Banc of America Securities LLC

 

     160,000,000.00

 

 

Barclays Capital Inc.

 

     150,000,000.00

 

 

HSBC Securities (USA) Inc.

 

     150,000,000.00

 

 

Lehman Brothers Inc.

 

     145,000,000.00

 

 

Morgan Stanley & Co. Incorporated

 

     105,000,000.00

 

 

Citigroup Global Markets Inc.

 

       85,000,000.00

 

 

Merrill Lynch, Pierce, Fenner & Smith Incorporated

 

       81,000,000.00

 

 

Credit Suisse Securities (USA) LLC

 

       65,000,000.00

 

 

ABN AMRO Incorporated

 

       60,000,000.00

 

 

 

 

 

 

 

      Total

 

$2,000,000,000.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issue Price:

 

100.0%.

 

 

 

 

 

 

 

Agents’ Commission:

 

0.035%.

 

 

 

 

 

 

 

Net Proceeds:

 

$1,999,300,000.

 

 

 

 

 

 

 

Concession:

 

Up to 0.02%.

 

 

 

 

 

 

 

Reallowance

 

Up to 0.01%.

 

 

 

 

 

 

 

CUSIP Number:

 

78442F EC 8.

 

 

 

 

 

 

 

ISIN Number:

 

US78442FEC86.

 

 

 

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 is a government-sponsored enterprise or an instrumentality
of the United States of America.

 

MTN 123