SLM Corporation
Medium Term Notes, Series B

GRAPHIC

With Maturities of 9 Months or More from Date of Issue

Registration No. 333-90316
Filed Pursuant to Rule 424(b)(3)
 Pricing Supplement No. 120
(To Prospectus dated January 23, 2003 and
Prospectus Supplement dated January 23, 2003)		   Trade Date: 8/4/03
 Issue Date: 8/7/03		    

The date of this Pricing Supplement is 8/4/03

 
    
    
    
    
     
Interest Payment
    
  
Subject to Redemption
    
    
    
 
   Stated
Interest
Rate Per
Annum(1)
    
    
    
    
    
    
    
CUSIP
   Maturity
Date
   Price to
Public(2)(3)
   Discounts &
Commissions
   Frequency
   First
Payment
   Survivor's
Option
   Yes/No
   Date and
terms of
redemption
   Aggregate
Principal
Amount
   Net Proceeds
   OID Status
78490FEZ8   *Step   12/15/18   100%   2.000%   Semi   12/15/03   Yes   Yes   Callable at 100% on 6/15/2006 and continuously thereafter with 20 days notice.   427,000   418,460.00   N




* 5% until but not including 6/15/08, and 5.95% thereafter payable beginning on 12/15/08

Effective April 7, 2003 the name of Salomon Smith Barney Inc., an agent of the program, was changed to Citigroup Global Markets Inc.

(1)
The interest rates on the Ed Notes may be changed by SLM Corporation from time to time, but any such change will not affect the interest rate on any Ed Notes offered prior to the effective date of the change.

(2)
Expressed as a percentage of aggregate principal amount.

(3)
See "Supplemental Plan of Distribution" in the Prospectus supplement for additional information concerning price to public and underwriting compensation.