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. 589       Trade Date:             12/11/2006
(To Prospectus dated January 5, 2005 and Prospectus Supplement dated January 5, 2005)       Issue Date:             12/14/2006
The date of this Pricing Supplement is    12/11/2006   

 

CUSIP

   Stated
Interest
Rate
Per 1
Annum		  

Maturity
Date

   Price
to
Public
2 3		   Discounts &
Commissions		   Interest Payment  

Survivor’s

Option

   Subject to Redemption  

Aggregate

Principal

Amount

  

Net

Proceeds

  

OID

Status

          Frequency   First
Payment		     Yes/No  

Date
and
terms
of redemption

      
78490FC23   N/A   03/15/2010   100%   0.500%   Monthly4   01/15/07   No   No     159,000   158,205.00   N

 

Floating Rate Index

    Spread   Reset
Period4		   

Accrual Method

    Maximum
Interest
Rate		    Minimum
Interest
Rate

*CPI

    2.500%   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 01/15/2007, the interest rate will be 4.56%, then the Consumer Price Index (CPI) plus 2.50% 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 01/15/2007, the Calculation Agent will establish the new rate as described on page S-16 in the prospectus supplements