Free Writing Prospectus Filed Pursuant to Rule 433
March 3, 2006
Registration Statement No. 333- 107132
Related
to Prospectus dated January 5, 2005
and Prospectus Supplement dated June 9, 2005
Free Writing Prospectus
SLM Corporation
Medium Term Notes, Series A
Due 9 Months or Longer From the Date of Issue
Term Sheet – 6.465% Callable Notes
|
|
RBC Capital Markets |
|
|
|
|
|
|
Issuer: |
|
SLM Corporation |
|
|
|
|
|
Note Type: |
|
Medium Term Notes, Series A |
|
|
|
US MTN Program |
|
|
|
|
|
Ratings: |
|
A2/A |
|
|
|
|
|
CUSIP: |
|
78442F DW 5 |
|
|
|
|
|
USD Amount: |
|
$25,000,000 |
|
|
|
|
|
Fixed Coupon: |
|
6.465% |
|
|
|
|
|
Issue Price to Public: |
|
100% |
|
|
|
|
|
Commissions: |
|
0% |
|
|
|
|
|
Net Proceeds: |
|
100% |
|
|
|
|
|
Net Proceeds: |
|
$25,000,000 |
|
|
|
|
|
Trade Date: |
|
March 3, 2006 |
|
|
|
|
|
Settlement Date: |
|
March 13, 2006 |
|
|
|
|
|
Maturity Date: |
|
March 13, 2036 |
|
|
|
|
|
Call: |
|
Notes are callable at issuer's option, in whole or in part. |
|
|
|
|
|
Call Dates: |
|
Callable starting on March 13, 2009 & semiannually thereafter on each March 13th and September 13th with 20 business days prior notice |
|
|
|
|
|
Redemption Price: |
|
100% |
|
|
|
|
|
Interest Payment Dates: |
|
Semi-annually, 13th of March and September during the terms of the notes |
|
|
|
|
|
1st Payment Date: |
|
September 13, 2006, with no adjustment |
|
|
|
|
|
Business Day Convention: |
|
Following (New York), unadjusted |
|
|
|
|
|
Daycount: |
|
30/360 |
|
|
|
|
|
Business Days: |
|
New York |
|
|
|
|
|
Minimum Denominations: |
|
$1,000 and integral multiples thereof |
|
|
|
|
|
Calculation Agent: |
|
SLM Corporation |
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.