PRICING SUPPLEMENT NO. 8 DATED JANUARY 16, 2002 FILED UNDER RULE 424(b)(3) (TO PROSPECTUS DATED OCTOBER 31, 2001 FILE NO. 333-63164 AND PROSPECTUS SUPPLEMENT DATED DECEMBER 11, 2001) $3,000,000,000 USA EDUCATION, INC. Medium Term Notes, Series A Due 9 Months or Longer From the Date of Issue - --------------------------------------------- ----------------------------------------- -------------------------------------- Principal Amount: $40,000,000 Floating Rate Notes: |X| Fixed Rate Notes: |_| - --------------------------------------------- ----------------------------------------- -------------------------------------- Original Issue Date: January 24, 2002 Closing Date: January 24, 2002 CUSIP Number: 90390M AH5 - --------------------------------------------- ---------------------------- ------------ -------------------------------------- Maturity Date: January 24, 2003 Option to Extend Maturity: |X| No Specified Currency: U.S. Dollars |_| Yes If Yes, Final Maturity Date: - --------------------------------------------- ---------------------------- ------------ -------------------------------------- - ------------------------------------------------ -------------- ----------------------------------- -------------------------- Redeemable at the option of the Company: |X| No Redemption Price: Not Applicable. - ------------------------------------------------ -------------- ----------------------------------- -------------------------- |_| Yes Redemption Dates: Not Applicable. - ------------------------------------------------ -------------- ----------------------------------- -------------------------- Repayment at the option of the Holder: : |X| No Repayment Price: Not Applicable. - ------------------------------------------------ -------------- ----------------------------------- -------------------------- |_| Yes Repayment Dates: Not Applicable. - ------------------------------------------------ -------------- ----------------------------------- -------------------------- - ------------------------------------------------------------------------------------------------------------------------------ APPLICABLE TO FIXED RATE NOTES ONLY: - --------------------------------------------------------------- -------------------------------------------------------------- Interest Rate: Interest Payment Date(s): - --------------------------------------------------------------- -------------------------------------------------------------- Interest Accrual Method: - --------------------------------------------------------------- -------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------------------------- APPLICABLE TO FLOATING RATE NOTES ONLY: - -------------------------------------------------------------- ---------------------------------------------------------------- Floating Rate Index: - -------------------------------------------------------------- ---------------------------------------------------------------- |_| CD Rate Index Maturity: Three Months. - -------------------------------------------------------------- ---------------------------------------------------------------- |_| Commercial Paper Rate - -------------------------------------------------------------- ---------------------------------------------------------------- |_| CMT Rate Spread : Minus 2 basis points (.02%). - -------------------------------------------------------------- ---------------------------------------------------------------- |_| Federal Funds Rate - -------------------------------------------------------------- ---------------------------------------------------------------- |X| LIBOR Telerate Initial Interest Rate: TBD. - -------------------------------------------------------------- ---------------------------------------------------------------- |_| LIBOR Reuters - -------------------------------------------------------------- ---------------------------------------------------------------- |_| Prime Rate Interest Rate Reset Period: Quarterly. - -------------------------------------------------------------- ---------------------------------------------------------------- |_| 91-Day Treasury Bill Rate - -------------------------------------------------------------- ---------------------------------------------------------------- Reset Date(s): Each January 24th, April 24th, July 24th Interest Payment Each January 24th, April 24th, July 24th and October 24th during the term of the Date(s): and October 24th during the term of the Notes, beginning April 24, 2002, subject to Notes, beginning April 24, 2002, subject to following business day convention. following business day convention. - -------------------------------------------------------------- ---------------------------------------------------------------- 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). - -------------------------------------------------------------- ----------------------------------------------------------------
- -------------------------------------------------------------- ---------------------------------------------------------------- Lock-in Period Start Date: Not Applicable. Accrual Method: Actual/360. - -------------------------------------------------------------- ---------------------------------------------------------------- Maximum Interest Rate: Not Applicable. Minimum Interest Rate: Not Applicable. - -------------------------------------------------------------- ---------------------------------------------------------------- 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. Issue Price: 100%. Agent's Commission: 0.00. Net Proceeds: $40,000,000. Agent: J.P. Morgan Securities, Inc. is acting as underwriter for this isssuance. OBLIGATIONS OF USA EDUCATION, INC. AND ANY SUBSIDIARY OF USA EDUCATION, INC. ARE NOT GUARANTEED BY THE FULL FAITH AND CREDIT OF THE UNITED STATES OF AMERICA. NEITHER USA EDUCATION, INC. NOR ANY SUBSIDIARY OF USA EDUCATION, INC. (OTHER THAN STUDENT LOAN MARKETING ASSOCIATION) IS A GOVERNMENT-SPONSORED ENTERPRISE OR AN INSTRUMENTALITY OF THE UNITED STATES OF AMERICA.