- ---------------- U.S. SECURITIES AND EXCHANGE COMMISSION ----------------------------
|F O R M 3| Washington, D.C. 20549 | OMB APPROVAL |
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INITIAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP |OMB Number 3235-0104|
|Expires: September 30,1998|
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, |Estimated ave. burden |
Section 17(a) of the Public Utility Holding Company Act of 1935 or |hours per response.....0.5|
Section 30(f) of the Investment Company Act 1940 ----------------------------
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|1.Name and Address of Reporting Person* |2.Date of Event |4.Issuer Name and Ticker or Trading Symbol |
| | Requiring Statement | |
| | (Month/Day/Year) | SLM Holding Corporation |
| | | (SLM)|
| | | |
|----------------------------------------| |-----------------------------------------------------------------|
| (Last) (First) (MI)| 08/07/1997 |5.Relationship of Reporting Person to |6.If Amendment, Date of |
| | | Issuer (Check all Applicable) | Original (Mon/Day/Year)|
| 11600 Sallie Mae Drive | | | |
| |-----------------------| X Director 10% Owner | |
| |3.IRS or Soc. Sec. No. |--- --- |-------------------------|
|----------------------------------------| of Reporting Person | |7.Individual or Joint/ |
| (Street) | (Voluntary) | Officer Other | Group Filing |
| | |---(give title below)---(Specify below)| (Check Applicable Line)|
| | | | X Form filed by One |
|Reston VA 20193 | | |--- Reporting Person |
| | | | Form filed by More |
| | | |--- than Reporting Person|
|----------------------------------------------------------------------------------------------------------------------------------|
| (City) (State) (Zip) |
| TABLE I - Non-Derivative Securities Beneficially Owned |
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|1.Title of Security (Instr. 4) |2.Amount of Securities |3.Ownership |4.Nature of Indirect Beneficial |
| | Beneficially Owned | Form: | Ownership (Instr. 5) |
| | (Instr. 4) | Direct (D) | |
| | | or Indirect | |
| | | (I)(Instr.5)| |
|------------------------------------------|-----------------------------|--------------|------------------------------------------|
| | | | |
| Common Stock | 560 | D | |
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|------------------------------------------|-----------------------------|--------------|------------------------------------------|
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|------------------------------------------|-----------------------------|--------------|------------------------------------------|
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|------------------------------------------|-----------------------------|--------------|------------------------------------------|
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|------------------------------------------|-----------------------------|--------------|------------------------------------------|
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|------------------------------------------|-----------------------------|--------------|------------------------------------------|
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Reminder: Report on a separate line for each class securities owned directly or indirectly. SEC 1473 (7-96)
*If the form is filed by more than one reporting person, see Instruction 5(b)(v).
PAGE: 1 OF 2
FORM 3 (continued) TABLE II - Derivative Securities Beneficially Owned
(e.g., puts, calls, warrants, options, convertible security)
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|1.Title of |2.Date Exercisable and |3.Title and Amount of Underlying |4.Conversion or |5. |6.Nature of |
| Derivative | Expiration Date | Derivative Security (Instr. 4) | Exercise Price |Own. | Indirect |
| Security | (Month/Day/Year) | | of Derivative |Form | Beneficial |
| (Instr. 4) | | | Security |of | Ownership |
| | | | |Deri.| (Instr. 5) |
| | | | |Sec. | |
| | | | |Dir. | |
| | | | |(D) | |
| |-----------------------------|--------------------------------------| |or | |
| |Date |Expiration | |Amount or Number | |Ind. | |
| |Exercisable |Date | Title |of Shares | |(I) | |
|-------------------|--------------|--------------|-------------------|------------------|-------------------|-----|---------------|
| | | | | | | | |
|Stock Option (R | | 11/21/2007 |Common Stock | 10,500 | $39.3393 | D | |
|ight to buy) | (01) | | | | | | |
|-------------------|--------------|--------------|-------------------|------------------|-------------------|-----|---------------|
|Stock Option (R | | 05/20/2009 |Common Stock | 52,500 | $43.3125 | D | |
|ight to buy) | (01) | | | | | | |
|-------------------|--------------|--------------|-------------------|------------------|-------------------|-----|---------------|
|Phantom Stock | | |Phantom Stock | 471 | | I |By Deferred Com|
|Units | (02) | (02) | | | (03) | |pensation Plan |
|-------------------|--------------|--------------|-------------------|------------------|-------------------|-----|---------------|
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|-------------------|--------------|--------------|-------------------|------------------|-------------------|-----|---------------|
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|-------------------|--------------|--------------|-------------------|------------------|-------------------|-----|---------------|
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|-------------------|--------------|--------------|-------------------|------------------|-------------------|-----|---------------|
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|-------------------|--------------|--------------|-------------------|------------------|-------------------|-----|---------------|
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|-------------------|--------------|--------------|-------------------|------------------|-------------------|-----|---------------|
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|-------------------|--------------|--------------|-------------------|------------------|-------------------|-----|---------------|
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Explanation of Responses:
(01) The options become exercisible in increments of one-third; One-third became exercisible on the date of grant, one-third
upon the Company's common stock having closing price on the New York Stock Exchange of $57.15 and $71.43, respectively,
for five trading days, they also become exercisible on the eighth anniversary of the grant (November 21, 2005 and May
20, 2007, respectively) subject to terms regarding the reporting person's continued service with the Company.
(02) Phantom Stock Units accrued under the Deferred Compensation Plan are to be settled in cash and/or the Company's common s
tock upon the reporting person's retirement from the Board.
(03) Conversion or Exercise Price of Derivative Security is 1 to 1.
**Intentional misstatements or omissions of facts constitute Federal /s/Mary F. Eure (POA) 05/25/1999
Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). ------------------------------------------ ----------
**Signature of Reporting Person Date
Note: File three copies of this form, one of which must be manually signed.
If space provided is insufficient, see Instruction 6 for procedure. SEC 1473 (7-96)
Potential persons who are to respond to the collection of information contained in this form are not
required to respond unless the form displays a currently valid OMD Number.
Diefenderfer III, William M. SLM Holding Corporation 08/07/1997 PAGE: 2 OF 2