SLM Corp — Director's Dealing 2012

Nov 13, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SLM CORP (SLM)
CIK: 0001032033
Period of Report: 2012-11-09

Reporting Person: DIEFENDERFER WILLIAM M III (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-11-09	Common Stock	M	26000	$5.77	Acquired	117216	Direct
2012-11-09	Common Stock	F	8830	$16.99	Disposed	108386	Direct
2012-11-09	Common Stock	S	17170	$16.9853	Disposed	91216	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-11-09	Stock Options (Right to Buy)	$5.77	M	26000	Disposed	2019-05-22	Common Stock (26000)	Direct

Footnotes

F1: Dividend equivalent rights issued on previoulsy unvested restricted stock are included in Mr. Diefenderfer's common stock holding balance.

F2: Represents the weighted average price per share of stock sold by Mr. Diefenderfer between $16.97 and $16.99. The reporting person undertakes to provide to SLM Corporation, any security holder of SLM Corporation or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price.