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. 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

 
   
   
   
   
 
Interest Payment

   
 
Subject to Redemption

   
   
   
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
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.