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Free Writing Prospectus Filed Pursuant to Rule 433
Registration Statement No. 333-130584
March 13, 2007
Free Writing Prospectus
SLM Corporation
Medium Term Notes, Series A
Due 9 Months or Longer from the Date of Issue
     
Lead Manager  
Goldman, Sachs & Co.
   
 
Issuer  
SLM Corporation
   
 
Note Type  
Medium Term Notes, Series A
US MTN Program
   
 
Ratings  
A2/A
   
 
CUSIP  
78442F EG 9
   
 
USD Amount  
$500,000,000
   
 
Interest Rate  
The Interest Rate shall be Federal Funds Open Rate (as defined below) + 0.21%
   
 
Issue Price  
100.0%
   
 
Commissions  
0.05%
   
 
Net Proceeds (%)  
99.95%
   
 
Net Proceeds ($)  
$499,750,000.00
   
 
Pricing Date  
March 13, 2007
   
 
Closing Date  
March 20, 2007
   
 
Maturity Date  
March 15, 2010
   
 
Interest Payment Dates  
The 15th of each March, June, September and December during the term of the Notes, subject to adjustment in accordance with the Following Business Day Convention provided that there will be no adjustment to the Maturity Date for accrual purposes
   
 
1st Payment Date  
June 15, 2007
   
 
Reset Dates  
Each Business Day, commencing on March 20, 2007, provided that the Federal Funds Open Rate in effect for any day that is not a Business Day shall be the Federal Funds Open Rate in effect for the prior Business Day
   
 
Interest Determination Date  
Same Day
   
 
Rate Cut-Off Date  
Three (3) Business Days
   
 
Daycount Fraction  
Actual/360
   
 
Business Day Convention  
Following Business Day Convention with adjustment to period end dates
   
 
Business Days  
New York
   
 
Minimum Denominations  
$1000 minimum and integral multiples of $1000 in excess thereof
   
 
Calculation Agent  
SLM Corporation
   
 
Indenture Trustee  
The Bank of New York
   
 
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.
ADDITIONAL TERMS OF THE NOTES
Federal Funds Open Rate. The Federal Funds Open Rate for any Interest Determination Date will be determined in the following order of priority:
  (1)   The Federal Funds Open Rate for an Interest Determination Date will be the rate for that day under the heading “Federal Funds” and opposite the caption “Open” as such rate is displayed on Telerate Page 5; or
 
  (2)   If the rate referred to in item (1) above does not appear on Telerate Page 5 on the related calculation date, the rate for such Interest Determination Date will be the rate for that day displayed on FEDFOPEN Index on Bloomberg which is the Fed Funds Opening Rate as reported by Garban Capital Markets (or a successor) on Bloomberg; or
 
  (3)   If the rate referred to in item (2) above does not appear on FEDFOPEN Index on Bloomberg, the rate for such Interest Determination Date will be the arithmetic mean of the rates for the last transaction in overnight U.S. Dollar Federal Funds prior to 9:00 a.m., New York City time, on that day arranged by three brokers of Federal Funds transactions in New York City as selected by the Calculation Agent.
 
  The Federal Funds Open Rate will be calculated on a weighted basis, meaning Friday’s rate will be in effect for Saturday and Sunday.