Pricing Supplement No. 3 dated July 26, 2005
(to Prospectus dated January 5, 2005
and Prospectus Supplement dated June 9, 2005)		   Filed under Rule 424(b)(3)
File No. 333-107132

SLM Corporation
Medium Term Notes, Series A
Due 9 Months or Longer From the Date of Issue


Principal Amount:
$2,000,000,000
 
Floating Rate Notes:
ý
 
Fixed Rate Notes:
o

Original Issue Date:
August 1, 2005
 
Closing Date: August 1, 2005
 
CUSIP Number:
78442F DQ 8

Maturity Date:
July 27, 2009
 
Option to Extend
ý No
 
Specified Currency:
U.S. Dollars
      Maturity:        
        o Yes      
      If Yes, Final Maturity Date:        
Redeemable at the option of the Company:   ý No   Redemption Price: Not Applicable.
    o Yes   Redemption Dates: Not Applicable.
Repayment at the option of the Holder:   ý No   Repayment Price: Not Applicable.
    o Yes   Repayment Dates: Not Applicable.
Applicable to Floating Rate Notes Only:        

Floating Rate Index:
 
 
 
 
 
  o CD Rate   Index Maturity:    Three Months.
  o Commercial Paper Rate        
  o CMT Rate   Spread:    Plus 14 basis points (0.14%).
  o Federal Funds Rate        
  ý LIBOR Telerate   Initial Interest Rate:    3.81065%.
  o LIBOR Reuters        
  o Prime Rate   Interest Rate Reset Period:    Quarterly.
  o 91-Day Treasury Bill Rate        
ABN AMRO Incorporated
BNP PARIBAS
Dresdner Kleinwort Wasserstein
Lehman Brothers
RBC Capital Markets		 Banc of America Securities LLC
Credit Suisse First Boston
Goldman, Sachs & Co.
Merrill Lynch & Co.
UBS Investment Bank		 Barclays Capital
Deutsche Bank Securities
HSBC
Morgan Stanley
Wachovia Securities

July 26, 2005

MTN 0109


Reset Date(s):
Each January 25th, April 25th, July 25th and October 25th during the term of the Notes, subject to adjustment in accordance with the following business day convention, beginning October 25, 2005.
 
Interest Payment Date(s):
Each January 25th, April 25th, July 25th and October 25th during the term of the Notes, subject to adjustment in accordance with the following business day convention, beginning October 25, 2005.
Interest Determination Date(s): 2 London and New York Business Days prior to the related Reset Date (or Original Issue Date in the case of the First Interest Period).   Interest Period(s): From and including the previous Interest Payment Date (or Original Issue Date, in the case of the first Interest Period) to but excluding thecurrent Interest Payment Date (or Maturity Date, in the case of the last Interest Period).
Lock-in Period Start Date: Not Applicable.   Accrual Method: Actual/360.
Maximum Interest Rate: Not Applicable.   Minimum Interest Rate: Not Applicable.
Form: Book-entry.

Denominations:
$1,000 minimum and integral multiples of $1,000 in excess thereof.

Trustee:
JPMorgan Chase Bank, National Association, formerly known as JPMorgan Chase Bank and The Chase Manhattan Bank.

Agents:
The following agents are acting as underwriters in connection with this issuance.

 
Agents
 
Principal Amount of Notes
  HSBC Securities (USA) Inc.   $421,500,000.00
  RBC Capital Markets Corporation   225,000,000.00
  ABN AMRO Incorporated   200,000,000.00
  Deutsche Bank Securities Inc.   200,000,000.00
  Goldman, Sachs & Co.   150,000,000.00
  Banc of America Securities LLC   130,000,000.00
  Wachovia Capital Markets, LLC   115,000,000.00
  Dresdner Kleinwort Wasserstein Securities LLC   100,000,000.00
  Credit Suisse First Boston LLC   95,000,000.00
  Lehman Brothers, Inc.   70,500,000.00
  BNP Paribas Securities Corp.   70,000,000.00
  Morgan Stanley & Co. Incorporated   70,000,000.00
  Barclays Capital Inc.   63,000,000.00
  UBS Securities LLC   55,000,000.00
  Merrill Lynch, Pierce, Fenner & Smith Incorporated   35,000,000.00
     
              Total   $2,000,000,000.00

Issue Price:
100.0%.

Agents' Commission:
0.08%.

Net Proceeds:
$1,998,400,000.

Concession:
0.050%.

Reallowance:
0.025%.

CUSIP Number:
78442F DQ 8.

ISIN Number:
US78442FDQ81.

Obligations of SLM Corporation and any subsidiary of SLM Corporation are not guaranteed
by the full faith and credit of the United States of America. Neither SLM Corporation nor
any subsidiary of SLM Corporation is a government-sponsored enterprise or an
instrumentality of the United States of America.

MTN 0109

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