e424b3
 

Pricing Supplement No. 7 dated January 8, 2007
  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:
  $850,000,000     Floating Rate Notes:   x   Fixed Rate Notes:   ¨
 
    
Original Issue Date:
  January 16, 2007     Closing Date:   January 16, 2007   CUSIP Number:   78442F EF 1
 
    
Maturity Date:
  January 27, 2014     Option to Extend   x No   Specified Currency:   U.S. Dollars
 
          Maturity:   ¨ Yes        
 
                     
 
          If Yes, Final Maturity Date:            
Redeemable at the option of the Company:   x No   Redemption Price:   Not Applicable.    
 
          ¨ Yes   Redemption Dates:   Not Applicable.    
Repayment at the option of the Holder:   x No   Repayment Price:   Not Applicable.    
 
          ¨ Yes   Repayment Dates:   Not Applicable.    
Applicable to Floating Rate Notes Only:                
Floating Rate Index:                
¨   CD Rate   Index Maturity:   Three Months.
¨   Commercial Paper Rate            
¨   CMT Rate   Spread:   Plus 30 basis points (0.30%).
¨   Federal Funds Rate            
x   LIBOR Telerate   Initial Interest Rate:   TBD.
¨   LIBOR Reuters            
¨   Prime Rate   Interest Rate Reset Period:   Quarterly.
¨   91-Day Treasury Bill Rate            
 
         
    Lead Managers    
Goldman, Sachs & Co.   Banc of America Securities LLC   Morgan Stanley
         
    Co-Managers    
Deutsche Bank Securities   HSBC
Wachovia Securities 		  Merrill Lynch & Co.
 
January 8, 2007
CALCULATION OF REGISTRATION FEE
         
Title of Each Class   Maximum Aggregate   Amount of
of Securities Offered   Offering Price   Registration Fee
Floating Rate (LIBOR-Telerate) Medium Term Notes   $850,000,000   $90,950.00

 

         
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 April 25, 2007.    
 
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).    
 
Lock-in Period Start Date:
  Not Applicable.    
 
Maximum Interest Rate:
  Not Applicable.    
 
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 April 25, 2007.    
 
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).    
 
Accrual Method:
  Actual/360.    
 
Minimum Interest Rate:
  Not Applicable.    
 
Form:  
Book-entry.
    
   
 
    
Denominations:  
$1,000 minimum and integral multiples of $1,000 in excess thereof.
   
 
    
Trustee:  
The Bank of New York, as successor trustee by virtue of a transfer of all or substantially all of the corporate trust business assets of 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
 
 
        
   
Goldman, Sachs & Co.
   $ 240,833,333.34
   
Banc of America Securities LLC
     240,833,333.33
   
Morgan Stanley & Co. Incorporated
     240,833,333.33
   
Deutsche Bank Securities Inc.
     31,875,000.00
   
HSBC Securities (USA) Inc.
     31,875,000.00
   
Merrill Lynch, Pierce, Fenner & Smith Incorporated
     31,875,000.00
   
Wachovia Capital Markets, LLC
     31,875,000.00
   
 
    
   
Total
   $ 850,000,000.00
 
Issue Price:
  100.0%.         
 
Agents’ Commission:
  0.250%.     
 
Net Proceeds:
  $847,875,000.     
 
Concession:
  0.100%.     
 
Reallowance:
  0.050%.     
 
CUSIP Number:
  78442F EF 1.    
 
ISIN Number:
  US78442FEF18.    
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.