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ISIN US78442P3047
SLM Corp., 6% Senior Notes due 12/15/2043, issued in $25 denominations, redeemable at the issuer's option on or after 12/15/2008 at $25 per share plus accrued and unpaid interest, and maturing 12/15/2043. Distributions of 6.00% ($1.50) per annum are paid quarterly on 3/15, 6/15, 9/15 & 12/15 to holders of record on the 15th calendar day prior to the payment date (NOTE: the ex-dividend date is at least 2 business days prior to the record date). Distributions paid by these debt securities are interest and as such are NOT eligible for the preferential 15% to 20% tax rate on dividends and are also NOT eligible for the dividend received deduction for corporate holders. Units are expected to trade flat, which means accrued interest will be reflected in the trading price and the purchasers will not pay and the sellers will not receive any accrued and unpaid interest. The Notes are unsecured obligations of the company and will rank equally with all existing and future senior unsecured indebtedness of the company.