424B3

SLM Corporation

Medium Term Notes, Series B

LOGO

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. 550

      

(To Prospectus dated January 5, 2005 and

Prospectus Supplement dated January 5, 2005)

   

Trade Date: 7/24/2006

Issue Date: 7/27/2006

   

The date of this Pricing Supplement is            7/24/2006

 

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

            

Frequency

   

First

Payment

      

Yes/No

    Date and
terms of
redemption		       

78490FZA0

    N/A    09/15/2013    100%   1.250%   Monthly4    08/15/06    No    No       1,778,000   1,755,775.00   N

 

Floating Rate Index

    Spread  

Reset
Period4

   

Accrual Method

    Maximum
Interest Rate		    Minimum
Interest
Rate

*CPI

    2.550%   Monthly    Actual/Actual (Payment Basis)    N/A    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 6.10%, then the Consumer Price Index (CPI) plus 2.55% 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