Form 424b3

SLM Corporation

Medium Term Notes, Series B

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With Maturities of 9 Months or More from Date of Issue

 

Registration No. 333-107132         
Filed Pursuant to Rule 424(b)(3)         
Pricing Supplement No. 587       Trade Date:             12/4/2006
(To Prospectus dated January 5, 2005 and Prospectus Supplement dated January 5, 2005)       Issue Date:             12/7/2006
The date of this Pricing Supplement is    12/4/2006   

 

CUSIP

  Stated
Interest
Rate
Per 1
Annum
 

Maturity
Date

  Price
to
Public
2 3
  Discounts &
Commissions
  Interest Payment   Survivor’s   Subject to Redemption   Aggregate
Principal
Amount
  Net
Proceeds
  OID
Status
          Frequency   First
Payment
    Yes/No  

Date
and
terms
of redemption

     
78490FB81   5.000%   03/15/2012   100%   0.700%   Semi   03/15/07   No   No     539,000   535,227.00   N

As of September 12, 2005 ABN AMRO Financial Services, Inc. changed its name to LaSalle Financial Services, Inc. Consequently, all references to “ABN AMRO Financial Services, Inc.” in the prospectus are amended to read “LaSalle Financial Services, Inc.”.

Effective June 30, 2005, Bear, Stearns & Co. Inc. was added as a selling agent under the SLM EdNotes program.

 

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.