FWP

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$3,000,000,000

For the Period: 9/18/2006 to 10/2/2006

 

Coupon

    Interest     Maturity    Callable    Survivor’s
Option		    Price1    Yield2    Moody’s    S&P    CUSIP

FLT (a)

    Monthly (†)   12/15/09    NO    NO    100.00    FLT    A2    A    78490FZW2

FLT (b)

    Monthly (†)   12/15/13    NO    NO    100.00    FLT    A2    A    78490FZX0

Settlement Date - Thursday, October 05, 2006

Pricing Supplement as of Monday, October 02, 2006

 

(†) First Payment date 11/15/2006

 

(a) 12 month percent change in CPI-U+230 bps, reset monthly, but in no case less than 0%. Initial coupon 6.45% (July CPI-U 4.15% + Spread 2.30%)

 

(b) 12 month percent change in CPI-U+250 bps, reset monthly, but in no case less than 0%. Initial coupon 6.65% (July CPI-U 4.15% + Spread 2.50%)

 

1 Prices are quoted as a percentage of par.

 

2 If yields are quoted, they are calculated on a semi-annual bond equivalent yield basis.

For the Period: 9/18/2006 to 9/25/2006

 

Coupon

    Interest     Maturity    Callable     Survivor’s
Option		    Price1    Yield2     Moody’s    S&P    CUSIP

6.050%

    Monthly (†)   12/15/26    12/15/10 (‡)   NO    100.00    6.127 %   A2    A    78490FZV4

Settlement Date - Thursday, September 28, 2006

Pricing Supplement as of Monday, September 25, 2006

 

(†) First Payment date 10/15/2006

 

(‡) Callable at 100% beginning on the call date above and continuous thereafter with 10 NY business days notice.

 

1 Prices are quoted as a percentage of par.

 

2 If yields are quoted, they are calculated on a semi-annual bond equivalent yield basis.

Current SLM EdNotes® issues do not include the Survivor’s Option feature. SLM will continue to honor the Survivor’s Option for all EdNotes® Issued prior to January 1, 2004

SLM Corporation has filed a registration statement (including 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 the other documents SLM Corporation has filed with the SEC for more complete information about SLM Corporation and this offering. You may get these documents for free by visiting EDGAR on the SEC web site at www.sec.gov. Alternatively, SLM Corporation, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling (800) 321-7179.

All offerings are subject to prior sale.