Form 424(b)(3)

SLM Corporation

Medium Term Notes, Series B

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With Maturities of 9 Months or More from Date of Issue

 

Registration No. 333-107132       
Filed Pursuant to Rule 424(b)(3)       
Pricing Supplement No. 548      Trade Date:   7/17/2006
(To Prospectus dated January 5, 2005 and      Issue Date:   7/20/2006
Prospectus Supplement dated January 5, 2005)       
The date of this Pricing Supplement is   7/17/2006     

 

CUSIP

  

Stated
Interest
Rate Per
Annum (1)

  

Maturity
Date

  

Price to
Public
(2)(3)

  

Discounts &
Commissions

   Interest Payment  

Survivor’s
Option

   Subject to
Redemption		  

Aggregate
Principal
Amount

  

Net
Proceeds

  

OID
Status

                   
                  Date and      
         

Frequency

  

First
Payment

     Yes/No   terms of
redemption		      

78490FZB8

   6.450%   09/15/2031   100%   2.500%   Monthly   08/15/06   No   Yes   Callable at
100% on
9/15/2011
and
Continuous
thereafter
with 10 NY
business days
notice.		   7,247,000   7,065,825.00   N

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.

 

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.