SLM Corp — Director's Dealing 2011

Apr 28, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SLM CORP (SLM)
CIK: 0001032033
Period of Report: 2011-04-26

Reporting Person: Torre Bates Ann (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-04-26	Common Stock	M	13000	$5.77	Acquired	60072	Direct
2011-04-26	Common Stock	M	13000	$5.77	Acquired	73072	Direct
2011-04-26	Common Stock	F	4625	$16.22	Disposed	68447	Direct
2011-04-26	Common Stock	F	4642	$16.16	Disposed	63805	Direct
2011-04-26	Common Stock	S	34725	$16.1966	Disposed	29080	Direct
2011-04-26	Common Stock	S	300	$16.1501	Disposed	200	Indirect
2011-04-26	Common Stock	S	200	$16.1525	Disposed	0	Indirect
2011-04-28	Common Stock	S	300	$16.43	Disposed	0	Indirect
2011-04-28	Common Stock	S	503.0077	$16.43	Disposed	0	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-04-26	Stock Options (Right to Buy)	$5.77	M	13000	Disposed	2019-05-22	Common Stock (13000)	Direct
2011-04-26	Stock Options (Right to Buy)	$5.77	M	13000	Disposed	2019-05-22	Common Stock (13000)	Direct

Footnotes

F1: Upon request by the Commission staff or a security holder of the issuer, full information regarding the number of shares sold at each separate price will be provided.

F2: Represents the weighted average price per share of stock sold by Ms. Bates between $16.15 and $16.26.