PRICING SUPPLEMENT NO. 2 DATED SEPTEMBER 25, 2002 FILED UNDER RULE 424(b)(3)
(TO PROSPECTUS DATED SEPTEMBER 13, 2002 FILE NO. 333-90316
AND PROSPECTUS SUPPLEMENT DATED SEPTEMBER 13, 2002)
SLM CORPORATION
Medium Term Notes, Series A
Due 9 Months or Longer From the Date of Issue
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Principal Amount: $720,000,000 Floating Rate Notes: |X| Fixed Rate Notes: |_|
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Original Issue Date: September 27, 2002 Closing Date: September 27, 2002 CUSIP Number: 78442F AC2
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Maturity Date: September 15, 2005 Option to Extend |X| No Specified Currency: U.S. Dollars
Maturity:
|_| Yes
If Yes, Final Maturity
Date:
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Redeemable at the option of the Company: |X| No Redemption Price: Not Applicable.
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|_| Yes Redemption Dates: Not Applicable.
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Repayment at the option of the Holder: : |X| No Repayment Price: Not Applicable.
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|_| Yes Repayment Dates: Not Applicable.
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APPLICABLE TO FLOATING RATE NOTES ONLY:
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Floating Rate Index:
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|_| CD Rate Index Maturity: Three Months.
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|_| Commercial Paper Rate
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|_| CMT Rate Spread : Plus 18 basis points (.18%).
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|_| Federal Funds Rate
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|X| LIBOR Telerate Initial Interest Rate: 1.97063%.
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|_| LIBOR Reuters
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|_| Prime Rate Interest Rate Reset Period: Quarterly.
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|_| 91-Day Treasury Bill Rate
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Reset Date(s): Each March 15th, June 15th, September 15th Interest Payment Each March 15th, June 15th, September 15th
and December 15th during the term of the Date(s): and December 15th during the term of the
Notes, beginning December 16, 2002, subject Notes, beginning December 16, 2002, subject
to following business day convention. to following business day convention.
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Interest Determination 2 London and New York Business Interest Period: From and including the previous Interest
Date: Days prior to the related Reset Payment Date (or Original Issue Date, in
Date. the case of the first Interest Accrual
Period) to but excluding the current
Interest Payment Date (or Maturity Date, in
the case of the last Interest Accrual
Period).
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ABN AMRO INCORPORATED BANC OF AMERICA SECURITIES LLC
BANC ONE CAPITAL MARKETS, INC. BARCLAYS CAPITAL INC.
CREDIT SUISSE FIRST BOSTON GOLDMAN, SACHS & CO.
JPMORGAN MORGAN STANLEY
MERRILL LYNCH & CO. SALOMON SMITH BARNEY
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Lock-in Period Start Date: Not Applicable. Accrual Method: Actual/360.
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Maximum Interest Rate: Not Applicable. Minimum Interest Rate: Not Applicable.
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Form: Book-entry.
Denominations: $1,000 minimum and integral multiples of $1,000 in excess thereof.
Trustee: JPMorgan Chase Bank, formerly known as The Chase Manhattan Bank.
Agents: The following agents are acting as underwriters, on a several basis, in connection
with this issuance.
Agents Principal Amount of Notes
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ABN AMRO Incorporated $ 155,000,000.00
Salomon Smith Barney Inc. 130,000,000.00
Morgan Stanley & Co. Incorporated 95,000,000.00
J.P. Morgan Securities Inc. 90,000,000.00
Credit Suisse First Boston Corporation 80,000,000.00
Banc of America Securities LLC 55,000,000.00
Barclays Capital Inc. 55,000,000.00
Goldman, Sachs & Co. 35,000,000.00
Banc One Capital Markets, Inc. 15,000,000.00
Merrill Lynch, Pierce, Fenner & Smith Incorporated 10,000,000.00
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Total $720,000,000.00
Issue Price: 99.941%.
Agents' Commission: 0.087%.
Concession: 0.087%.
Reallowance: 0.0435%.
Net Proceeds: $718,948,800.00
OBLIGATIONS OF SLM CORPORATION AND ANY SUBSIDIARY OF SLM CORPORATION ARE NOT
GUARANTEED BY THE FULL FAITH AND CREDIT OF THE UNITED STATES OF AMERICA.
NEITHER SLM CORPORATION NOR ANY SUBSIDIARY OF SLM CORPORATION (OTHER
THAN STUDENT LOAN MARKETING ASSOCIATION) IS A GOVERNMENT-SPONSORED
ENTERPRISE OR AN INSTRUMENTALITY OF THE UNITED STATES OF AMERICA.