424B5 1 a2154362z424b5.htm 424B5
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Prospectus Supplement to Prospectus dated February 15, 2002

$1,535,721,000

SLM Student Loan Trust 2002-1

Issuer

SLM Funding Corporation

Seller

Sallie Mae Servicing L.P.

Servicer

Floating Rate Student Loan-Backed Securities

        On March 5, 2002, the trust will issue:

 
  Class A-1
Notes

  Class A-2
Notes

  Class B
Notes

Principal   $873,950,000   $615,700,000   $46,071,000

Interest Rate

 

3-month
LIBOR
plus 0.03%

 

3-month
LIBOR
plus 0.11%

 

3-month
LIBOR
plus 0.47%

Maturity

 

October 25, 2010

 

April 25, 2017

 

January 25, 2021

The trust will make payments quarterly beginning April 25, 2002, primarily from collections on a pool of student loans. The trust will pay principal first pro rata to the class A-1 notes until paid in full, second pro rata to the class A-2 notes until paid in full and third pro rata to the class B notes until paid in full. Interest on the class B notes will be subordinate to interest on the class A notes and principal on the class B notes will be subordinate to both principal and interest on the class A notes.

We are offering the notes through the underwriters at the prices shown below, when and if issued. We intend to apply for a listing of the notes on the Luxembourg Stock Exchange.



You should consider carefully the risk factors beginning on page S-14 of this supplement and on page 20 of the prospectus.

The notes are asset-backed securities issued by a trust. They are not obligations of USA Education, Inc., the seller, Sallie Mae, the servicer or any of their affiliates.

The notes are not guaranteed or insured by the United States or any governmental agency.


 
  Price to
Public

  Underwriting
Discount

  Proceeds to
the Seller

Per Class A-1 Note   100.00%   0.185%   99.815%
Per Class A-2 Note   100.00%   0.250%   99.750%
Per Class B Note   100.00%   0.300%   99.700%

We expect the proceeds to the seller to be $1,532,426,730 before deducting expenses payable by the seller estimated to be $751,213.

Neither the SEC nor any state securities commission has approved or disapproved the securities or determined whether this supplement or the prospectus is accurate or complete. Any contrary representation is a criminal offense.

Credit Suisse First Boston   Merrill Lynch & Co.

Banc of America Securities LLC    
               Deutsche Banc Alex. Brown
Morgan Stanley

February 20, 2002



Purpose of this Filing

        SLM Funding LLC, as the Registrant for the Trust, is filing this Prospectus Supplement on behalf of the Trust, solely to obtain a Central Index Key number and access codes for the Commission's Electronic Data Gathering, Analysis, and Retrieval ("EDGAR") system for the Trust. The original Prospectus Supplement for the Trust's securities was filed with the Commission on February 22, 2002 and can be found at Link to http://www.sec.gov/Archives/edgar/data/949114/000092838502000499/d424b5.txt. The orginal Prospectus Supplement, as amended, is incorporated herein by reference.




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Purpose of this Filing