SLM Corporation
Medium Term Notes, Series B
With Maturities of 9 Months or More from Date of Issue
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Registration No. 333-107132; |
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Filed Pursuant to Rule 424(b)(3) |
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Pricing Supplement No. 546 |
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(To Prospectus dated January 5, 2005 and |
Trade Date: 7/10/2006 |
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Prospectus Supplement dated January 5, 2005) |
Issue Date: 7/13/2006 |
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The date of this Pricing Supplement is 7/10/2006 |
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Stated |
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Subject to Redemption |
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Interest |
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Price to |
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Interest Payment |
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Date and |
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Aggregate |
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CUSIP |
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Rate Per Annum(1) |
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Maturity |
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Public |
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Discounts & Commissions |
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Frequency |
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First |
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Survivor’s |
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Yes/No |
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terms of redemption |
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Principal Amount |
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Net Proceeds |
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OID Status |
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78490FYX1 |
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N/A |
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09/15/2009 |
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100% |
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0.500% |
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Monthly(4) |
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08/15/06 |
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No |
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No |
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3,791,000 |
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3,772,045.00 |
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N |
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Floating Rate Index |
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Spread |
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Reset Period(4) |
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Accrual Method |
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Maximum Interest Rate |
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Minimum Interest Rate |
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*CPI |
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2.350% |
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Monthly |
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Actual/Actual (Payment Basis) |
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N/A |
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0.000% |
As of September 12, 2005 ABN AMRO Financial Services, Inc. changed its name to LaSalle Financial Services, Inc. Consequently, all references to “ABN AMRO Financial Services, Inc.” in the prospectus are amended to read “LaSalle Financial Services, Inc.”.
Effective June 30, 2005, Bear, Stearns & Co. Inc. was added as a selling agent under the SLM EdNotes program.
* During the initial interest period which is from the Issue Date to but not including 08/15/2006, the interest rate will be 5.90%, then the Consumer Price Index (CPI) plus 2.35% thereafter.
1 The interest rates on the Ed Notes may be changed by SLM Corporation from time to time, but any such change will not affect the interest rate on any Ed Notes offered prior to the effective date of the change.
2 Expressed as a percentage of aggregate principal amount.
3 See “Supplemental Plan of Distribution” in the Prospectus supplement for additional information concerning price to public and underwriting compensation.
4 On the interest Determination Date, which is on the 15th day of each month during the terms of the notes beginning on 08/15/2006, the Calculation Agent will establish the new rate as described on page S-16 in the prospectus supplements.