SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
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 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person*
FOX EDWARD A
(Last) (First) (Middle)
11600 SALLIE MAE DRIVE
(Street)
RESTON VA 20193
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
SLM CORP [ SLM ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
X Director 10% Owner
Officer (give title below) Other (specify below)
3. Date of Earliest Transaction (Month/Day/Year)
08/19/2003
4. If Amendment, Date of 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
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 08/19/2003 08/19/2003 G V 50,000 D $0 430,732(1) D
Common Stock 08/20/2003 08/20/2003 S 10,007 D $41.35 420,725(1) D
Common Stock 08/20/2003 08/20/2003 S 1,900 D $41.36 418,825(1) D
Common Stock 08/20/2003 08/20/2003 S 3,000 D $41.37 415,825(1) D
Common Stock 08/20/2003 08/20/2003 S 3,700 D $41.38 412,125(1) D
Common Stock 08/20/2003 08/20/2003 S 2,800 D $41.39 409,325(1) D
Common Stock 08/20/2003 08/20/2003 S 8,000 D $41.4 401,325(1) D
Common Stock 08/20/2003 08/20/2003 S 8,600 D $41.41 392,725(1) D
Common Stock 08/20/2003 08/20/2003 S 4,800 D $41.42 387,925(1) D
Common Stock 08/20/2003 08/20/2003 S 14,000 D $41.43 373,925(1) D
Common Stock 08/20/2003 08/20/2003 S 5,300 D $41.44 368,625(1) D
Common Stock 08/20/2003 08/20/2003 S 7,900 D $41.45 360,725(1) D
Common Stock 08/20/2003 08/20/2003 S 9,500 D $41.46 351,225(1) D
Common Stock 08/20/2003 08/20/2003 S 1,000 D $41.47 350,225(1) D
Common Stock 08/20/2003 08/20/2003 S 1,000 D $41.48 349,225(1) D
Common Stock 08/20/2003 08/20/2003 M 77,448 A $26.9033 426,673(1) D
Common Stock 08/20/2003 08/20/2003 M 89,796 A $22.9666 516,469(1) D
Common Stock 08/20/2003 08/20/2003 M 90,000 A $28.6666 606,469(1) D
Common Stock 08/20/2003 08/20/2003 M 106,797 A $18.3333 713,266(1) D
Common Stock 08/20/2003 08/20/2003 F 240,763 D $41.35 472,503(1) D
Common Stock 08/20/2003 08/20/2003 M 66,705 A $19.0633 539,208(1) D
Common Stock 08/19/2003 08/19/2003 G 50,000 A $0 92,000 I By Charitable Remainder Trust
Common Stock 08/19/2003 08/19/2003 S 50,000 D $41.2864 42,000 I By Charitable Remainder Trust
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 Securities Underlying Derivative Security (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: 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 Options (Right to buy) $22.9666 08/20/2003 08/20/2003 D 89,796 02/14/2002 08/13/2007 Common Stock 89,796 $22.9666 0 D
Stock Options (Right to buy) $26.9033 08/20/2003 08/20/2003 D 77,448 08/08/2002 08/13/2007 Common Stock 77,448 $26.9033 0 D
Stock Options (Right to buy) $41.34 08/20/2003 08/20/2003 A 62,395 08/20/2004 01/24/2012 Common Stock 62,395 $41.34 62,395 D
Stock Option (Right to buy) $18.3333 08/20/2003 08/20/2003 D 106,797 11/15/2001 08/13/2007 Common Stock 106,797 $18.3333 0 D
Stock Option (Right to buy) $19.0625 08/20/2003 08/20/2003 D 66,705 11/10/2001 01/13/2010 Common Stock 66,705 $19.0625 0 D
Stock Option (Right to buy) $28.6666 08/20/2003 08/20/2003 D 90,000 08/08/1988(2) 01/24/2012 Common Stock 90,000 $28.6666 0 D
Explanation of Responses:
1. Ending period holdings reflect the net effect of a 3-for-1 stock split declared on June 20, 2003.
2. These options become exercisable upon the Company's common stock having a closing price on the New York Stock Exchange of $34.40, for five trading days, they also become exercisable on the fifth anniversary of the grant (January 24, 2007).
Mary F. Eure (POA) 08/21/2003
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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