SLM Corp — Director's Dealing 2012

May 21, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SLM CORP (SLM)
CIK: 0001032033
Period of Report: 2012-05-17

Reporting Person: DEPAULO JOSEPH A (Executive Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-05-17	Common Stock	P	7600	$13.0679	Acquired	235318	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1740	Indirect

Footnotes

F1: Represents the weighted average price per share of stock purchased by Mr. DePaulo between $13.07 and $13.065. Upon request by the Commission staff or a security holder of the issuer, full information regarding the number of shares purchased at each separate price will be provided.

F2: Dividend equivalent rights issued on unvested RSUs are included in Mr. DePaulo's common stock holding balance.