PRICING SUPPLEMENT NO. 12 DATED FEBRUARY 12, 2002 FILED UNDER RULE 424(b)(3)
(TO PROSPECTUS DATED OCTOBER 31, 2001 FILE NO. 333-63164
AND PROSPECTUS SUPPLEMENT DATED DECEMBER 11, 2001)
$3,000,000,000
USA EDUCATION, INC.
Medium Term Notes, Series A
Due 9 Months or Longer From the Date of Issue
--------------------------------------------- ----------------------------------------- --------------------------------------
Principal Amount: $25,000,000 Floating Rate Notes: |X| Fixed Rate Notes: |_|
--------------------------------------------- ----------------------------------------- --------------------------------------
Original Issue Date: February 15, 2002 Closing Date: February 15, 2002 CUSIP Number: 90390M AM2
--------------------------------------------- ---------------------------- ------------ --------------------------------------
Maturity Date: April 26, 2004 Option to Extend Maturity: |X| No Specified Currency: U.S. Dollars
|_| Yes
If Yes, Final Maturity
Date:
--------------------------------------------- ---------------------------- ------------ --------------------------------------
------------------------------------------------ -------------- ----------------------------------- --------------------------
Redeemable at the option of the Company: |X| No Redemption Price: Not Applicable.
------------------------------------------------ -------------- ----------------------------------- --------------------------
|_| Yes Redemption Dates: Not Applicable.
------------------------------------------------ -------------- ----------------------------------- --------------------------
Repayment at the option of the Holder: : |X| No Repayment Price: Not Applicable.
------------------------------------------------ -------------- ----------------------------------- --------------------------
|_| Yes Repayment Dates: Not Applicable.
------------------------------------------------ -------------- ----------------------------------- --------------------------
------------------------------------------------------------------------------------------------------------------------------
APPLICABLE TO FIXED RATE NOTES ONLY:
--------------------------------------------------------------- --------------------------------------------------------------
Interest Rate: Interest Payment Date(s):
--------------------------------------------------------------- --------------------------------------------------------------
Interest Accrual Method:
--------------------------------------------------------------- --------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
APPLICABLE TO FLOATING RATE NOTES ONLY:
-------------------------------------------------------------- ----------------------------------------------------------------
Floating Rate Index:
-------------------------------------------------------------- ----------------------------------------------------------------
|_| CD Rate Index Maturity: Three Months.
-------------------------------------------------------------- ----------------------------------------------------------------
|_| Commercial Paper Rate
-------------------------------------------------------------- ----------------------------------------------------------------
|_| CMT Rate Spread: Plus 16 basis points (.16%).
-------------------------------------------------------------- ----------------------------------------------------------------
|_| Federal Funds Rate
-------------------------------------------------------------- ----------------------------------------------------------------
|X| LIBOR Telerate Initial Interest Rate: 2.06%.
-------------------------------------------------------------- ----------------------------------------------------------------
|_| LIBOR Reuters
-------------------------------------------------------------- ----------------------------------------------------------------
|_| Prime Rate Interest Rate Reset Period: Quarterly.
-------------------------------------------------------------- ----------------------------------------------------------------
|_| 91-Day Treasury Bill Rate
-------------------------------------------------------------- ----------------------------------------------------------------
Reset Date(s): Each January 25th, April 25th, July 25th Interest Payment Each January 25th, April 25th, July 25th
and October 25th during the term of the Date(s): and October 25th during the term of the
Notes, beginning April 25, 2002, subject to Notes, beginning April 25, 2002, subject to
following business day convention. following business day convention.
-------------------------------------------------------------- ----------------------------------------------------------------
Interest Determination 2 London and New York Business Interest Period: From and including the previous Interest
Date: Days prior to the related Reset Payment Date (or Original Issue Date, in
Date. the case of the first Interest Accrual
Period) to but excluding the current
Interest Payment Date (or Maturity Date, in
the case of the last Interest Accrual
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, formerly known as The Chase
Manhattan Bank.
Issue Price: 99.9784%.
Agent's Commission: 0.0216%.
Net Proceeds: $24,994,600.
Agent: J.P. Morgan Securities Inc. is acting as underwriter for
this isssuance.
OBLIGATIONS OF USA EDUCATION, INC. AND ANY SUBSIDIARY OF USA EDUCATION, INC.
ARE NOT GUARANTEED BY THE FULL FAITH AND CREDIT OF THE UNITED STATES OF
AMERICA. NEITHER USA EDUCATION, INC. NOR ANY SUBSIDIARY OF USA EDUCATION, INC.
(OTHER THAN STUDENT LOAN MARKETING ASSOCIATION) IS A GOVERNMENT-SPONSORED
ENTERPRISE OR AN INSTRUMENTALITY OF THE UNITED STATES OF AMERICA.