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. 431
(To Prospectus dated January 5, 2005 and
Prospectus Supplement dated January 5, 2005)
  Trade Date: 5/16/2005
Issue Date: 5/19/2005
   

The date of this Pricing Supplement is 5/16/2005

 
   
   
   
   
 
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
78490FUC1   N/A   06/15/2012   100%   1.250%   Monthly(4)   06/15/05   No   No       7,644,000   7,548,450.00   N

Floating Rate Index

 

Spread


 

Reset Period(4)


 

Accrual Method


 

Maximum
Interest Rate


 

Minimum
Interest Rate


 

 

*CPI   1.500%   Monthly   Actual/Actual
(Payment Basis)
  N/A   0.000%    




* During the initial interest period which is from the Issue Date to but not including 06/15/2005, the interest rate will be 4.51%, then the Consumer Price Index (CPI) plus 1.50% 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.

(4)
On the Interest Determination Date, which is on the 15th day of each month during the terms of the notes beginning on 6/15/2005, the Calculation Agent will establish the new rate as described on page S-16 in the prospectus supplements.