SLM Corp — Director's Dealing 2010

Feb 1, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SLM CORP (SLM)
CIK: 0001032033
Period of Report: 2010-01-28

Reporting Person: HEWES JOHN J (Senior EVP & CLO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-01-28	Common Stock	A	60000	—	Acquired	134889.0000	Direct
2010-01-28	Common Stock	A	11691	—	Acquired	146580.0000	Direct
2010-01-29	Common Stock	F	2147	$10.5300	Disposed	144433.0000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-01-28	Stock Option (Right to Buy)	$10.3100	A	300000	Acquired	2020-01-28	Common Stock (300000.0000)	Direct

Footnotes

F1: One-third of these shares vest on the first, second and third anniversay of the grant date.

F2: These shares represent a portion of the bonus amount for 2009 and must be held until the first anniversary of the grant date (January 28, 2011).

F3: One-third of these options vest on the first, second and third anniversay of the grant date.