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Free Writing Prospectus Filed Pursuant to Rule 433
Registration Statement No. 333-130584
October 11, 2006
Free Writing Prospectus
SLM Corporation
Medium Term Notes, Series A
Due 9 Months or Longer From the Date of Issue
     
 
    
Lead Managers
  Banc of America Securities LLC
 
  Citigroup Global Markets Inc.
 
  Credit Suisse Securities (USA) LLC
 
    
Co-Managers
  Barclays Capital Inc.
 
  BNP Paribas Securities Corp.
 
  Deutsche Bank Securities Inc.
 
  Dresdner Kleinwort Securities LLC
 
  UBS Securities LLC
 
    
Issuer
  SLM Corporation
 
    
Note Type
  Medium Term Notes, Series A
 
  US MTN Program
 
    
Ratings
  A2/A
 
    
CUSIP
  78442F ED 6
 
    
USD Amount
  $600,000,000
 
    
Interest Rate
  5.40%
 
    
Issue Price
  99.656%
 
    
Commissions
  0.300% 
 
    
Net Proceeds (%)
  99.356% 
 
    
Net Proceeds ($)
  $596,136,000
 
    
Announcement Date
  October 11, 2006
 
        
Closing Date
  October 17, 2006
 
    
Maturity Date
  October 25, 2011
 
    
Interest Payment Dates
  25th of each April and October during the term of the notes, subject to adjustment in accordance with Following Business Day Convention
 
    
1st Payment Date
  April 25, 2007
 
    
Reset Dates
  N/A 
 
    
Rate Determination Date
  N/A 
 
    
Daycount Fraction
  30/360
 
    
Business Day Convention
  Following Business Day Convention with no adjustment to period end dates
 
    
Business Days
  New York
 
    
Minimum Denominations
  $1,000 minimum and integral multiples of $1,000 in excess thereof
 
    
Calculation Agent
  SLM Corporation
 
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.
 
SLM Corporation has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the Company and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling the Company, toll free at 1-800-321-7179.