Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
AUTOR ROBERT
  2. Issuer Name and Ticker or Trading Symbol
SLM CORP [SLM]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Executive Vice President
(Last)
(First)
(Middle)
12061 BLUEMONT WAY
3. Date of Earliest Transaction (Month/Day/Year)
01/26/2006
(Street)

RESTON, VA 20190
4. If Amendment, Date Original Filed(Month/Day/Year)
6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 01/26/2006   A   5,000 (1) A $ 0 95,607 D  
Common Stock 01/26/2006   A   2,378 A $ 55.82 97,985 D  
Common Stock 01/26/2006   M   4,956 A $ 20.1666 102,941 D  
Common Stock 01/26/2006   M   4,596 A $ 21.75 107,537 D  
Common Stock 01/26/2006   M   2,838 A $ 35.2 110,375 D  
Common Stock 01/26/2006   M   2,640 A $ 37.87 113,015 D  
Common Stock 01/26/2006   F   7,186 D $ 55.65 105,829 D  
Common Stock 01/26/2006   M   60,000 A $ 14.4375 165,829 D  
Common Stock 01/26/2006   F   32,376 D $ 55.65 133,453 D  
Common Stock 01/26/2006   S   399 D $ 56.21 133,054 D  
Common Stock 01/26/2006   S   500 D $ 56.18 132,554 D  
Common Stock 01/26/2006   S   100 D $ 56.2 132,454 D  
Common Stock 01/26/2006   S   1,500 D $ 56.19 130,954 D  
Common Stock 01/26/2006   S   5,300 D $ 56.18 125,654 D  
Common Stock 01/26/2006   S   600 D $ 56.17 125,054 D  
Common Stock 01/26/2006   S   700 D $ 56.15 124,354 D  
Common Stock 01/26/2006   S   400 D $ 56.13 123,954 D  
Common Stock 01/26/2006   S   3,700 D $ 56.12 120,254 D  
Common Stock 01/26/2006   S   2,500 D $ 56.11 117,754 D  
Common Stock 01/26/2006   S   800 D $ 56.1 116,954 D  
Common Stock 01/26/2006   S   6,200 D $ 56.09 110,754 D  
Common Stock 01/26/2006   S   2,600 D $ 56.08 108,154 D  
Common Stock 01/26/2006   S   500 D $ 56.06 107,654 D  
Common Stock 01/28/2006   F   2,452 D $ 56.83 105,202 D  

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(Month/Day/Year)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option (Right to Buy) $ 14.4375 01/26/2006   M     60,000   (2) 05/20/2009 Common Stock 60,000 $ 0 0 D  
Stock Option (Right to Buy) $ 55.82 01/26/2006   A   15,567   01/26/2007 05/20/2009 Common Stock 15,567 $ 0 15,567 D  
Stock Option (Right to Buy) $ 20.1666 01/26/2006   M     4,956   (3) 01/15/2011 Common Stock 4,956 $ 20.1666 25,044 D  
Stock Option (Right to Buy) $ 21.75 01/26/2006   M     4,596   (4) 05/10/2011 Common Stock 4,596 $ 21.75 25,404 D  
Stock Option (Right to Buy) $ 35.2 01/26/2006   M     2,838   (5) 01/28/2013 Common Stock 2,838 $ 35.2 72,162 D  
Stock Option (Right to Buy) $ 37.87 01/26/2006   M     2,640   (6) 01/29/2014 Common Stock 2,640 $ 37.87 17,360 D  
Stock Option (Right to Buy) $ 55.82 01/26/2006   A   25,000     (7) 01/26/2016 Common Stock 25,000 $ 0 25,000 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
AUTOR ROBERT
12061 BLUEMONT WAY
RESTON, VA 20190
      Executive Vice President  

Signatures

 By: Mary F. Eure (POA)   01/28/2006
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) These shares of Restricted Stock vest upon the later of the achievement of specific performance targets and a specified date.
(2) The options become exercisable in increments of one-third; one-third becomes exercisable on the date of the grant, one-third upon the Company's common stock having a closing price on the New York Stock Exchange of $19.05 and $23.81, respectively, for five trading days, they also become exercisable on the eighth anniversary of the grant (May 20, 2007) subject to terms regarding the reporting person's continued service with the Company.
(3) These options become exercisable upon the Company's common stock having a closing price on the New York Stock Exchange of $24.20 for five trading days, they also become exercisable on the fifth anniversary of the grant (January 15, 2006), but not sooner than one year from the grant date.
(4) These options become exercisable upon the Company's common stock having a closing price on the New York Stock Exchange of $26.09 for five trading days, they also become exercisable on the fifth anniversary of the grant (May 10, 2006), but not sooner than one year from the grant date.
(5) These options become exercisable upon (1) the Company's common stock having a closing price on the New York Stock Exchange of $42.24 for five trading days or (2) the Director's election to the SLM Corporation Board at the 2003 annual shareholder meeting, whichever is later. These options also become exercisable on the fifth anniversary of the grant (January 28, 2008).
(6) These options become exercisable upon (1) the Company's common stock having a closing price on the New York Stock Exchange of $45.44 for five trading days or (2) the Director's election to the SLM Corporation Board at the 2004 annual shareholder meeting, whichever is later. These options also become exercisable on the fifth anniversary of the grant (January 29, 2009).
(7) These options become exercisable upon the Company's common stock having a closing price on the New York Stock Exchange of $66.98, for five trading days, they also become exercisable on the eighth anniversary of the grant (January 26, 2014), but no sooner than one year from the grant date.

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