SLM Corporation
Medium Term Notes, Series B

ED NOTES 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. 448
(To Prospectus dated January 5, 2005 and
Prospectus Supplement dated January 5, 2005)		   Trade Date: 7/11/2005
 Issue Date: 7/14/2005		    

The date of this Pricing Supplement is 7/11/2005

 
    
    
    
    
  
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
78490FUU1
   N/A
   09/15/2010
   100%
   0.750%
   Quarterly4
   09/15/05
   No
   No
    
   2,794,000
   2,773,045.00
   N
Floating Rate
Index
   Spread
   Reset
Period(4)
   Accrual Method
   Maximum
Interest Rate
   Minimum
Interest
Rate
91 Day T-Bill   0.400 % Weekly   Actual/Actual (Payment Basis ) N/A   N/A

 
 
 
 
 
 
 
 
 
 
 
(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 Reset Date, which is the day after the 3 month T Bill auction, the Calculation Agent will establish the new rate based on the BEY for the 3 month T Bill auction published in H.15 (http://www.publicdebt.treas.gov/of/ofrespr.htm).