e424b3
 

This Pricing Supplement replaces the Pricing Supplement filed on February 6, 2003.

SLM Corporation
Medium Term Notes, Series B

With Maturities of 9 Months or More from Date of Issue

Registration No. 333-90316
Filed Pursuant to Rule 424(b)(3)

   
Pricing Supplement No. 1   Trade Date: 2/3/03
(To Prospectus dated January 23, 2003 and   Issue Date: 2/6/03
Prospectus Supplement dated January 23, 2003)    

The date of this Pricing Supplement is 2/3/03

                                                                                             
                                                                                         
    Stated Interest           Price to           Interest Payment
          
  Subject to Redemption
    Aggregate                
    Rate Per 1   Maturity   Public 2   Discounts &           First   Survivor's           Date and terms   Principal Net OID
CUSIP   Annum   Date   3   Commissions   Frequency   Payment   Option   Yes/No   of redemption   Amount Proceeds Status
 
 
 
 
 
 
 
 
 
 
 
 
78490FAA7
     1.825 %     3/15/08       100 %     0.750 %   Quarterly     06/15/03     Yes   No             6,767,000       6,716,247.50    
N
                                                 
            Initial                   Maximum   Minimum
Floating Rate           Interest   Reset           Interest   Interest
Index   Spread   Rate   Period(4)   Accrual Method   Rate   Rate
 
 
 
 
 
 
91 Day T-Bill
     0.650 %     0.00 %   Weekly   Actual/Actual (Payment Basis)     N/A       N/A  

1 
   The interest rates on the EdNotes may be changed by SLM Corporation from time to time, but any such change will not affect the interest rate on any EdNotes 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, 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.federalreserve.gov//Releases/h15/update/default.htm).
 
    In the event that the results of the 91 day Treasury Bill auction ceases to be published or reported, or that no auction is held in a particular week, then the rate in effect as a result of the last such report will remain in effect until such time, as the results of auctions of 91 day Treasury Bills will again be published.