UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported):                                                            September 15, 2008
 
SLM CORPORATION
(Exact name of registrant as specified in its charter)
 
Delaware
001-13251
52-2013874
(State or other jurisdiction
(Commission
(I.R.S. Employer
of incorporation)
File Number)
Identification No.)
 
 
 
12061 Bluemont Way, Reston, Virginia
 
20190
(Address of principal executive offices)
 
(Zip Code)
 
Registrant’s telephone number, including area code:
(703) 810-3000
 
Not Applicable
Former name or former address, if changed since last report
 

 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 
 
 

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On September 19, 2008, SLM Corporation (the "Company") announced that C.E. Andrews, president, will be leaving the Company effective September 30, 2008. Upon his departure, Mr. Andrews will receive a bonus of $500,000 for year-to-date achievement of individual performance goals and a cash payment of $2,500,000 in recognition of his five years of service with the Company, during which time he assumed ever-increasing responsibilities, including that of chief executive officer.
 
 
 
 
 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

  SLM CORPORATION
   
September 19, 2008
By:  /s/ Michael Sheehan                                
Name: Michael Sheehan
Title: Senior Vice President & General Counsel