SLM Corporation
Medium Term Notes, Series B
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. 396 (To Prospectus dated January 5, 2005 and Prospectus Supplement dated January 5, 2005) |
Trade Date: 2/22/2005 Issue Date: 2/25/2005 |
The date of this Pricing Supplement is 2/22/2005
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Interest Payment |
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Subject to Redemption |
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| CUSIP |
Stated Interest Rate Per Annum(1) |
Maturity Date |
Price to Public(2)(3) |
Discounts & Commissions |
Frequency |
First Payment |
Survivor's Option |
Yes/No |
Date and terms of redemption |
Aggregate Principal Amount |
Net Proceeds |
OID Status |
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| 78490FSS9 | *Step | 6/15/2021 | 100% | 2.250% | Monthly | 03/15/05 | Yes | Callable at 100% on 6/15/2009 and Continuous thereafter with 20 days notice. | 1,998,000 | 1,953,045.00 | N | |||||||||||||
* 4.50% until but not including 6/15/09, then 5.00% until but not including 6/15/13, then 6.00% until but not including 6/15/17, then 7.50% 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.