PRICING SUPPLEMENT NO. 2 DATED NOVEMBER 28, 2001 FILED UNDER RULE 424(b)(3)
(TO PROSPECTUS DATED OCTOBER 31, 2001 FILE NO. 333-63164
AND PROSPECTUS SUPPLEMENT DATED OCTOBER 31, 2001)
$3,000,000,000
USA EDUCATION, INC.
Medium Term Notes, Series A
Due 9 Months or Longer From the Date of Issue
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Principal Amount: $75,000,000 Floating Rate Notes: /X/ Fixed Rate Notes: / /
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Original Issue Date: December 3, 2001 Closing Date: December 3, 2001 CUSIP Number: 90390M AB6
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Maturity Date: December 16, 2002 Option to Extend Maturity: /X/ No Specified Currency: U.S. Dollars
/ / Yes
If Yes, Final Maturity Date:
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Redeemable at the option of the Company: /X/ No Redemption Price: Not Applicable.
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/ / Yes Redemption Dates: Not Applicable.
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Repayment at the option of the Holder:: /X/ No Repayment Price: Not Applicable.
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/ / Yes Repayment Dates: Not Applicable.
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APPLICABLE TO FIXED RATE NOTES ONLY:
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Interest Rate: Interest Payment Date(s):
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Interest Accrual Method:
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APPLICABLE TO FLOATING RATE NOTES ONLY:
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Floating Rate Index:
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/ / CD Rate Index Maturity: Three Months.
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/ / Commercial Paper Rate
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/ / CMT Rate Spread: Plus 5 basis points.
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/ / Federal Funds Rate
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/X/ LIBOR Telerate Initial Interest Rate: 2.13125%.
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/ / LIBOR Reuters
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/ / Prime Rate Interest Rate Reset Period: Quarterly.
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/ / 91-Day Treasury Bill Rate
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Reset Date(s): Each March 16th, June 16th, September 16th Interest Payment Each March 16th, June 16th, September 16th
and December 16th during the term of the Date(s): and December 16th during the term of the
Notes, beginning March 16, 2002, subject Notes, beginning March 16, 2002, subject to
to following business day convention. the following business day convention.
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Interest Determination 2 London and New York Interest Period: From and including the previous Interest
Date: Business Days prior to the Payment Date (or Original Issue Date,
related Reset Date. in the case of the first Interest Accrual
Period) to but excluding the current
Interest Payment Date (or Maturity Date,
in the case of the last Interest Accrual
Period).
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Lock-in Period Start Date: Not Applicable. Accrual Method: Actual/360.
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Maximum Interest Rate: Not Applicable. Minimum Interest Rate: Not Applicable.
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Form: Book-entry.
Denominations: $1,000 minimum and integral multiples of $1,000 in excess thereof.
Trustee: JP Morgan Chase Bank, formerly known as The Chase Manhattan Bank.
Issue Price: 100%.
Agent's Commission: 0.020%.
Net Proceeds: $74,985,000.
Agent: J.P. Morgan Securities, Inc.
OBLIGATIONS OF USA EDUCATION, INC. AND ANY SUBSIDIARY OF USA EDUCATION, INC. ARE NOT
GUARANTEED BY THE FULL FAITH AND CREDIT OF THE UNITED STATES OF AMERICA. NEITHER USA
EDUCATION, INC. NOR ANY SUBSIDIARY OF USA EDUCATION, INC. (OTHER THAN STUDENT LOAN MARKETING
ASSOCIATION) IS A GOVERNMENT-SPONSORED ENTERPRISE OR AN INSTRUMENTALITY
OF THE UNITED STATES OF AMERICA.