Filed Pursuant to Rule 433
March 2, 2006
Related to the Prospectus dated January 5, 2005
and the Prospectus Supplement dated June 9 2005
Registration Statement No. 333-107132
Free Writing Prospectus
SLM Corporation
Medium Term Notes, Series A
Due 9 Months or Longer From the Date of Issue
Term Sheet – 6.15% Callable Notes
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Issuer: |
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SLM Corporation |
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Ratings: |
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A2 (Stable)/A (Stable) |
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Security: |
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6.15% Callable Notes |
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Status: |
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Senior Unsecured |
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Trade Date: |
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02-Mar-2006 |
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Settlement Date: |
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10-Mar-2006 |
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Maturity Date: |
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10-Mar-2021 |
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Issue Size: |
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$25 Million |
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Call Provision: |
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Notes are callable at SLM Corp’s option, in whole or in part, upon at least 20 New York |
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Business Days’ notice, on each March 10th and September 10th. |
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Initial Call Date: |
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10-Mar-2009 |
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Issue Price to Public: |
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100% |
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Agent Commission: |
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0.60% |
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Net Proceeds to Issuer: |
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99.40% |
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Redemption Price: |
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100% |
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Coupon Rate: |
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6.15% |
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Interest Payment Dates: |
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Semi-annual on the 10th of each March and September |
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First Payment: |
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10-Sep-2006 |
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Business Day Convention: |
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Following (New York), Unadjusted |
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Daycount: |
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30/360 |
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Denominations: |
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$1,000 and integral multiples thereof |
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Lead Manager: |
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Morgan Keegan |
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Calculation Agent: |
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SLM Corp |
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CUSIP: |
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78442FDV7 |
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.