Form 424b3

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. 554       Trade Date: 8/7/2006
(To Prospectus dated January 5, 2005 and       Issue Date: 8/10/2006
Prospectus Supplement dated January 5, 2005)      
The date of this Pricing Supplement is    8/7/2006   

 

CUSIP

   

Stated

Interest Rate Per1

Annum

   

Maturity

Date

   

Price to

Public2 3

   

Discounts &

Commissions

   

Interest Payment

   

Survivor’s

Option

   

Yes/No

   

Subject to Redemption

   

Aggregate

Principal

Amount

   

Net

Proceeds

   

OID
Status

              

Frequency

   

First

Payment

         

Date and terms of redemption

         
78490FZF9    N/A    09/15/2013    100%    1.250%    Monthly4    09/15/06    No    No       4,158,000    4,106,025.00    N

 

Floating Rate Index

    Spread  

Reset

Period4

   

Accrual Method

   

Maximum

Interest Rate

   

Minimum

Interest

Rate

*CPI

    2.450%   Monthly    Actual/Actual (Payment Basis)    N/A    0.000%

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.

 

* During the initial interest period which is from the Issue Date to but not including 09/15/2006, the interest rate will be 6.62%, then the Consumer Price Index (CPI) plus 2.45% 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 09/15/2006, the Calculation Agent will establish the new rate as described on page S-16 in the prospectus supplements.