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Free Writing Prospectus Filed Pursuant to Rule 433
Registration Statement No. 333-130584
October 25, 2006
Free Writing Prospectus
SLM Corporation
Medium Term Notes, Series A
Due 9 Months or Longer from the Date of Issue
     
Lead Manager(s)  
Morgan Stanley & Co. Incorporated
Banc of America Securities LLC
Merrill Lynch, Pierce, Fenner & Smith Incorporated
   
 
Co-Managers  
Barclays Capital Inc.
BNP Paribas Securities Corp.
Deutsche Bank Securities Inc.
HSBC Securities (USA) Inc.
Wachovia Capital Markets, LLC
   
 
Issuer  
SLM Corporation
   
 
Note Type  
Medium Term Notes, Series A
US MTN Program
   
 
Ratings  
A2/A
   
 
CUSIP  
78442F EE 4
   
 
USD Amount  
$1,250,000,000.00
   
 
Interest Rate  
3-month USD LIBOR Telerate + 0.230%
   
 
Issue Price  
100.00%
   
 
Commissions  
0.175%
   
 
Net Proceeds (%)  
99.825%
   
 
Net Proceeds ($)  
$1,247,812,500
   
 
Announcement Date  
October 25, 2006
   
 
Closing Date  
October 31, 2006
   
 
Maturity Date  
October 25, 2011
   
 
Call  
N.A.
   
 
Call Dates  
N.A.
   
 
Redemption Price  
N.A.
   
 
Interest Payment Dates  
25th of each January, April, July and October during the term of the notes, subject to adjustment in accordance with Following Business Day Convention
   
 
1st Payment Date  
January 25, 2007
   
 
Reset Dates  
25th of each January, April, July and October during the term of the notes, subject to adjustment in accordance with Following Business Day Convention
   
 
Rate Determination Date  
Two London and New York Business Days prior to the beginning of each interest period
   
 
Daycount Fraction  
Actual/360
   
 
Business Day Convention  
Following Business Day Convention with 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
   
 
Indenture Trustee  
The Bank of New York
   
 
Obligations of SLM Corporation and its subsidiaries are not guaranteed by the full faith and credit of the United States of America. Neither SLM Corporation nor any of its subsidiaries 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 issuer 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 issuer toll free at 1-800-321-7179.