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. 559       Trade Date:    8/21/2006
(To Prospectus dated January 5, 2005 and       Issue Date:    8/24/2006
Prospectus Supplement dated January 5, 2005)         
The date of this Pricing Supplement is    8/21/2006      

 

                                Subject to
Redemption		               
     Stated        Price to       Interest Payment              Date and    Aggregate          

CUSIP

    Interest Rate Per
Annum 1		  

Maturity

Date

    Public 2 3  

Discounts &

Commissions

   Frequency   First
Payment		   

Survivor’s

Option

    Yes/No    terms of
redemption		    Principal
Amount		   

Net

Proceeds

   

OID

Status

78490FZK8

    N/A   12/15/2013    100%   1.250%   Monthly4   09/15/06    No    No       6,865,000    6,779,187.50    N

Floating
Rate

Index

    Spread  

Reset

Period4

    Accrual Method  

Maximum

Interest Rate

  

Minimum

Interest

Rate

                                  

*CPI

    2.300%   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 6.47%, then the Consumer Price Index (CPI) plus 2.30% 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.