PRICING SUPPLEMENT NO. 1 DATED AUGUST 7, 2002 FILED UNDER RULE 424(b)(3)
(TO PROSPECTUS DATED MAY 17, 2002 FILE NO. 333-63164
AND PROSPECTUS SUPPLEMENT DATED MAY 17, 2002)
$3,000,000,000
SLM CORPORATION
Medium Term Notes, Series A
Due 9 Months or Longer From the Date of Issue
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Principal Amount: $250,000,000 Floating Rate Notes: |X| Fixed Rate Notes: |_|
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Original Issue Date: August 16, 2002 Closing Date: August 16, 2002 CUSIP Number: 78442F AA6
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Maturity Date: July 26, 2004 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 15 basis points (.15%).
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|_| Federal Funds Rate
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|X| LIBOR Telerate Initial Interest Rate: Not Applicable.
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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 January 25th, April 25th, July 25th Interest Payment Each January 25th, April 25th, July 25th
and October 25th during the term of the Date(s): and October 25th during the term of the
Notes, beginning October 25, 2002, subject Notes, beginning October 25, 2002, subject
to following business day convention. to following business day convention.
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Interest Determination 2 London and New York Business Interest Period: From and including the previous Interest
Date: Days prior to the related Reset Payment Date (or Original Issue Date, in
Date. 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: JPMorgan Chase Bank, formerly known as The Chase Manhattan Bank.
Agents: The following agents are acting as underwriters in connection with this issuance.
AGENTS PRINCIPAL AMOUNT OF NOTES
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Banc of America Securities LLC $ 70,000,000
Banc One Capital Markets, Inc. 20,000,000
J.P. Morgan Securities Inc. 50,000,000
Merrill Lynch, Pierce, Fenner & Smith Incorporated 60,000,000
Salomon Smith Barney Inc. 50,000,000
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Total $ 250,000,000
Issue Price: 100.00%.
Agents' Commission: 0.0%.
Net Proceeds: $250,000,000.
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.