Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
HUNT RONALD F
  2. Issuer Name and Ticker or Trading Symbol
SLM CORP [SLM]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
300 CONTINENTAL DRIVE
3. Date of Earliest Transaction (Month/Day/Year)
04/30/2014
(Street)

NEWARK, DE 19713
4. If Amendment, Date Original Filed(Month/Day/Year)
6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(Month/Day/Year)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Options (Right to Buy) $ 18.1997 (1) 04/30/2014   J(1)   15,250   01/27/2010 01/27/2015 Common Stock 15,250 $ 0 (1) 15,250 D  
Stock Options (Right to Buy) $ 20.0178 (1) 04/30/2014   J(1)   15,250   01/26/2011 01/26/2016 Common Stock 15,250 $ 0 (1) 15,250 D  
Stock Options (Right to Buy) $ 16.2847 (1) 04/30/2014   J(1)   10,000   05/04/2007 01/25/2017 Common Stock 10,000 $ 0 (1) 10,000 D  
Stock Options (Right to Buy) $ 7.99 (1) 04/30/2014   J(1)   6,600   05/08/2013 05/08/2018 Common Stock 6,600 $ 0 (1) 6,600 D  
Stock Options (Right to Buy) $ 2.0692 (1) 04/30/2014   J(1)   26,000   06/12/2009 05/22/2019 Common Stock 26,000 $ 0 (1) 26,000 D  
Stock Options (Right to Buy) $ 3.6974 (1) 04/30/2014   J(1)   10,900   05/13/2010 01/28/2020 Common Stock 10,900 $ 0 (1) 10,900 D  
Stock Options (Right to Buy) $ 5.243 (1) 04/30/2014   J(1)   9,500   05/19/2011 01/27/2021 Common Stock 9,500 $ 0 (1) 9,500 D  
Stock Options (Right to Buy) $ 5.7343 (1) 04/30/2014   J(1)   13,994   05/24/2012 02/03/2017 Common Stock 13,994 $ 0 (1) 13,994 D  
Stock Options (Right to Buy) $ 6.4228 (1) 04/30/2014   J(1)   19,572   05/30/2013 02/07/2018 Common Stock 19,572 $ 0 (1) 19,572 D  
Phantom Stock Units (2) 04/30/2014   J(1)   30,829.629 (1)     (2)   (2) Common Stock 30,829.629 (2) 48,067 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
HUNT RONALD F
300 CONTINENTAL DRIVE
NEWARK, DE 19713
  X      

Signatures

 /s/ Nicolas Jafarieh (POA) for Ronald F. Hunt   05/02/2014
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Reflects adjustments in the number of SLM Corporation (SLM) derivative securities held by the reporting person as a result of the spin-off of Navient Corporation (Navient) by SLM (the "Spin-Off") on April 30, 2014. The share amounts, exercise prices and other material terms (as applicable) of the foregoing SLM derivative securities were generally adjusted, so that taken together with new equity awards issued by Navient, the value of all awards of (a) SLM derivative securities held by the reporting person immediately prior to the Spin-Off is equal to (b) the aggregate value of all SLM and Navient equity awards held by the reporting person immediately following the Spin-Off.
(2) Phantom stock units accrued under the Director Deferred Compensation Plan are to be settled in the SLM common stock upon the reporting person's separation from service. Conversion or exercise price of derivative security is one to one.
 
Remarks:
Exhibit 24 - Power of Attorney

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