SLM Corp — Director's Dealing 2011

Jan 31, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SLM CORP (SLM)
CIK: 0001032033
Period of Report: 2011-01-27

Reporting Person: SHAPIRO STEVEN L (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-01-27	Common Stock	A	3800	—	Acquired	204205	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-01-27	Stock Options (Right to Buy)	$14.62	A	9500	Acquired	2021-01-27	Common Stock (9500)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	3000	Indirect

Footnotes

F1: These shares vest contingent upon the re-election to the SLM Corporation Board of Directors at the company's May 2011 annual shareholder meeting.

F2: Exercisable contingent upon the re-election to the SLM Corporation Board of Directors at the company's May 2011 annual shareholder meeting.