SLM Corp — Director's Dealing 2011

Jan 7, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SLM CORP (SLM)
CIK: 0001032033
Period of Report: 2011-01-05

Reporting Person: Lutz Laurent Charles (EVP & General Counsel)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-01-05	Common Stock	A	100000	—	Acquired	100000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-01-05	Stock Options (Right to Buy)	$12.81	A	200000	Acquired	2021-01-05	Common Stock (200000)	Direct

Footnotes

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

F2: One-third of these options vest on the first, second and third anniversary of the grant date.