Form 424(b)(3)

SLM Corporation

Medium Term Notes, Series B

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. 551    Trade Date:    7/24/2006
(To Prospectus dated January 5, 2005 and    Issue Date:    7/27/2006
Prospectus Supplement dated January 5, 2005)      
The date of this Pricing Supplement is                  7/24/2006

 

CUSIP

  Stated
Interest Rate Per
Annum (1)
  Maturity
Date
  Price to
Public
(2) (3)
  Discounts &
Commissions
  Interest Payment  

Survivor’s
Option

  Subject to
Redemption
  Aggregate
Principal
Amount
  Net
Proceeds
  OID
Status
              Yes/No   Date and
terms of
redemption
     
          Frequency   First
Payment
           

78490FZC6

  6.350%   09/15/2031   100%   2.500%   Monthly   08/15/06   No   Yes   Callable at
100% on
9/15/2011
and
Continuous
thereafter
with 10 NY
business days
notice.
  5,152,000   5,023,200.00   N

As of September 12, 2005 ABN AMRO Financial Services, Inc. changed its name to LaSalle Financial Services, Inc. Consequently, all references to “ABN AMRO Financial Services, Inc.” in the prospectus are amended to read “LaSalle Financial Services, Inc.”.

Effective June 30, 2005, Bear, Stearns & Co. Inc. was added as a selling agent under the SLM EdNotes program.

 

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.