Pricing Supplement No. 11 dated April 30, 2003
(to Prospectus dated November 18, 2002
and Prospectus Supplement dated November 18, 2002)		   Filed under Rule 424(b)(3)
File No. 333-90316

SLM Corporation
Medium Term Notes, Series A
Due 9 Months or Longer From the Date of Issue


Principal Amount:
$30,000,000
 
Floating Rate Notes:
o
 
Fixed Rate Notes:
ý

Original Issue Date:
May 7, 2003
 
Closing Date: May 7, 2003
 
CUSIP Number:
78442F AR9

Maturity Date:
April 25, 2018
 
Option to Extend Maturity:
ý No
 
Specified Currency:
U.S. Dollars
      If Yes, Final Maturity Date: o Yes      
Redeemable at the option of the Company:   o    No   Redemption Price: 100% of the principal amount of the Notes plus accrued and unpaid interest to the date fixed for redemption.

 
 
ý    Yes
 
Redemption Dates:
April 25, 2006 and each October 25th and April 25th therafter during the term of the Notes upon 30 days written notice to holders of the Notes.

Repayment at the option of the Holder:
 
ý    No
 
Repayment Price:
Not Applicable.

 
 
o    Yes
 
Repayment Dates:
Not Applicable.

Applicable to Fixed Rate Notes Only:

Interest Rate:

For the period from and including the Closing Date to but excluding April 25, 2006, the Interest Rate on the Notes shall be 5.15%.

For the period from and including April 25, 2006 to the Maturity Date or the Redemption Date, whichever is earlier, the Interest Rate on the Notes shall be 5.32%.
 
Interest Payment Dates:
Each April 25th and October 25th during the term of the Notes unless earlier redeemed, subject to adjustment in accordance with the following business day convention, beginning October 27, 2003.

Interest Accrual Method:    30/360
 
Interest Periods:
From and including the Closing Date or each April 25th or October 25th thereafter, as the case may be, to and including the next succeeding April 24th or October 24th, as the case may be, unless earlier redeemed, with no adjustment to period end dates for accrual purposes.

Merrill Lynch & Co.

April 30, 2003


Form:
Book-entry.

Denominations:
$1,000 minimum and integral multiples of $1,000 in excess thereof.

Trustee:
JPMorgan Chase Bank, formerly known as The Chase Manhattan Bank.

Agents:
The following agent is acting as underwriter in connection with this issuance.

 
                Agent
 
Principal Amount of Notes
  Merrill Lynch, Pierce, Fenner & Smith Incorporated   $30,000,000

Issue Price:
100.00%.
 
 

Agents' Commission:
0.550%.
 
 

Net Proceeds to Issuer:
99.45%.
 
 

Net Proceeds:
$29,835,000.
 
 

Concession:
N/A
 
 

Reallowance:
N/A
 
 

CUSIP Number:
78442F AR9
 
 

ISIN Number:
US78442F AR91
 
 

The Underwriter has arranged a swap in connection with the Notes and may have received compensation for arranging the swap transaction.

        Obligations of SLM Corporation and any subsidiary of SLM Corporation are not guaranteed by the full faith and credit of the United States of America. Neither SLM Corporation nor any subsidiary of SLM Corporation (other than Student Loan Marketing Association) is a government-sponsored enterprise or an instrumentality of the United States of America.